To clarify and earn a full understanding of the answer to this frequently asked question, we first should understand what COI tracking is, and how it works. COI stands for Certificate of Insurance, and a COI tracking tool is simply a tool that helps track and manage these certificates. Tracking and managing these types of files is a time-consuming task to do, not to mention that, it also has a high risk of errors that comes with it. However, with COI tracking tools, this window of human error is reduced, if not completely eliminated. So it is safe to say that using a COI tracker is a smart choice for anyone. On the other hand, we have to be careful of what kind of COI tracking tool we use. Fortunately, knowing how a program works can help us decide and measure how effective and accurate these frequently used tools are. But how does it work? Let’s take a look at an example of a top-notch COI tracking tool called CTrax.
There are a lot of COI tracking tools out there, all built to serve the same purpose, but not all have the same level of accuracy. Many clients have lost their trust in OCR engines due to inaccuracy. Keeping this important fact in mind, CTrax was created accordingly, to ensure accuracy, following a two-step process to eliminate errors, to regain and rebuild trust.
CTrax is a COI tracking tool, that is designed to manage and track COIs efficiently. It is built to automate the process that people do or used to do, minimizing the likelihood of more human errors. Once it’s set up, the system will send automatic reminders of renewals, track each individual coverage on a certificate, request COIs, and send out e-mail reminders to clients.
The Ctrax Two-Step Process:
CTrax is equipped with a unique two-step process that starts with an OCR engine capture process, that stands for Optical Character Recognition engine, which is an engine that reads every incoming COI, extracts the data, and puts it in a holding queue, where the next step is taken over by an assigned team of analysts, who review the extracted data and validate it if deemed correct.
On top of the two-step process, they also make sure that the COI was not a fake form. This two-step process, involving both machines and humans, is exclusively incorporated in CTrax to ensure accuracy at all times.
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Now, that we have an understanding of how a COI tracking tool works, more profoundly how CTrax works, we can easily draw a conclusion of how accurate really these tracking tools are. The answer to this simple question is more complex than one would think. It really depends on the product and how well it was engineered and put together. When shopping for COI tracking software we have to keep in mind how it works. To know if a device is trustworthy we have to do our part, do our homework, and research the respective tool as much as possible in order to determine the level of accuracy. We have to consider the steps which the program uses during tracking and the time that the tracking takes. These steps may include, but are not limited to: the team who does the data extraction, collection and data processing, the analytics and report quality, and network accessibility.
Given the fact that CTrax works with a two-step process, that is created to ensure accuracy at all times, we can firmly exclaim that COI tracking with this uniquely built software is effective and error-free.