How Does COI Tracking Actually Work

Jenna:” Hi there. I’m Jenna DeVries and I’m here with JDi Data. And we’re going to be talking today about the solution CTrax. And I have Michael here with me to discuss that. Hey, Michael, how are you doing? “

Michael:” Good, Jenna. Thanks. How are you? “

Jenna:” Good, good. Could you start off with giving us a little introduction and telling us what you do for JDi Data? “

Michael:” Sure. So my name is Michael Del Fierro. I’m the national account executive here at JDi. Going into my 7th year. I work with a lot of our customers on helping them transform the way they work. We help them digitize their process, making sure that they’re working efficiently. And when they start using our software, they hit the ground running. “

Jenna:” That’s awesome. So today, we’re going to talk about, I know, one of your favorite solutions CTrax. So could you start off giving us a kind of an overview on tracking and filling CIOs and what that looks like when you’ve implemented CTrax and kind of the journey of your customer? “

Michael:” Sure. So the CTrax journey really starts when they reach out to us because they have a problem. And what we’ve seen is most of the time that customers come to us either they have his current system that’s not working for process, or they’re inundated in a manual process. And what that looks like typically is they’re manually inputting data into a spreadsheet, trying to track individual coverages in Excel, and then really intensive paper process. So we try to get them into a more modern process using technology. “

Jenna:” Right. And so what does that process actually look like when you’re filing a COI using C-Tracks? “

Michael:” Yeah, so CTrax is built to automate a lot of the process. It’s designed to track and manage certificates of insurance efficiently. The system once it’s set up, will automatically send renewal reminders to your insurance requesting a certificate of assurance. It’s going to track each individual coverage on that certificate and send out email reminders 30 or 45 days in advance, depending on how our clients configure the system. “

Jenna:” Right. Now, one of the big topics of conversations we’re hearing people talk about is looking for fraudulent COIs. Can you tell me a little bit about how CTrax can mitigate that risk when it comes to finding fraudulent COIs? “

Michael:” Sure. So we’ve incorporated a really unique two-step process in CTrax. It first starts with our smart OCR capture process or optical character recognition engine. That engine is reading every certificate, incoming Certificate of Insurance, extracting the data, and put it into a holding queue. Where our next step in the process is taken over by a team of human beings, our analysts are actually reading that information that was extracted from the OCR process and validating it. And they’re also making sure that the certificate of liability insurance was not a fake form. And we’re tracking all that data in the background and obviously providing that information to our clients. “

Jenna:” Right. So that dual verification process is something that’s pretty unique JDi CTrax, isn’t that right? “

Michael:” Yeah, we’re really proud of it and we feel it’s a differentiator in our solution. There’s a lot of software around there that incorporates an OCR process. But what we’ve learned by speaking to a lot of our clients is that they kind of lost confidence in most OCR engines in the market today. So we knew that going in when we first started developing CTrax. So that’s exactly the reason why we incorporated that two-step process to ensure accuracy. “

Jenna:” That’s great. Now, a little bit earlier when you were talking about an overview of the system, you mentioned the expiration notices. So can you tell us a little bit more about how the system alerts users when it comes to the expiration dates on their certificates of insurance? “

Michael:” Sure. So CTrax automatically will alert you when an upcoming coverage is about to expire. That’s either done by email notifications, or through our intuitive dashboards in the system. The system again does not require you, or the customers to go in and manually send out emails, it will send out those email reminders automatically. And that’s a huge benefit, because if you think about a certificate of insurance, typically you’ve got three, four, sometimes five or more coverages on a single certificate, each individual policy could have a different expiration date. If you take a step back and think about that for a moment, you’re tracking five or six different dates on,  for just a single certificate. “

Jenna:” Right. “

Michael:” And having to send out those renewal reminders before those policies expire, so this solution, CTrax does it all for you automatically. “

Jenna:” That’s saving a lot of manual, a lot of manual labor making those processes automated for sure. A lot of brainpower and a lot of manual hours. And another thing I wanted to ask you about is we live right now in a really data-driven society and everybody’s looking for real-time reporting to make better business decisions. Now, can you tell me a little bit about the dashboard within COI and what that’s functionally it’s for users? “

Michael:” Absolutely. So dashboards, everyone loves dashboards, so we built very intuitive dashboards and CTrax. And Jenny you can have a unique set of dashboards for you and I can have a unique set of dashboards for me. It’s a configurable dashboard screen and CTrax that allows you to configure those widgets. There are predefined dashboards on your dashboard screen. And basically, just add a 30,000-foot view, see how, you know, the operation is running your compliance information, you can see which projects have been added. And it’s really nice for organizations that want to have a lot of users, a lot of people within the organization with access to this data. So for example you might have a project manager that wants to see if they ensure that the contractors they’re working with. If they have a COI on file. So they can use the system and the dashboards to make sure that they have the most updated information. And then as well from a risk management perspective, you can see globally how the organization is doing in terms of compliance. “

Jenna:” Now for these dashboards, how many users can a client have with CTrax? Does it cost extra to add additional user profiles or? “

Michael:” No, and that’s why we designed like that on purpose because we wanted to create the transparency within the organization to allow everyone to see exactly how the insurance is, you know how compliant they are with their insurance requirements. So no, we don’t charge for users. And again that really gives our customers the ability to have transparency within the organization. “

Jenna:” Right, transparency throughout the process. And it sounds like CTrax really pays for itself, the ROI with this type of solution is huge. And you know, manual labor alone, you’re going to get your money back pretty quickly. It sounds like… “

Michael:” Absolutely, and we speak to a lot of different types of customers, we have insurance brokers, we have risk management professionals and what we’ve learned is, with this technology and how available is today, the return of investment is huge. And the way that CTrax transfers the risk downstream to those third parties it’s almost a no-brainer. “

Jenna:” Right, right. And another key feature is the accessibility, you know, with COVID and being six feet apart, social distancing, more people working from home, CTrax system in the cloud, you can have access to this information from anywhere.  “

Michael:” Yeah, that’s a really important point. Because think about in the world we’re living in today, having technology that works for you, from anywhere, anytime is important. So CTrax is a cloud-based system, you can access your compliance information from anywhere, anytime, on any device. And that’s really very important in today’s work environment. “

Jenna:” That’s right, that’ great. Well, thank you so much, Michael. I really appreciate your time. And if you have any questions about CTrax or want to schedule a demo to learn more, make sure you reach out to Michael here or visit jdictrax.com to schedule your demo today. I look forward to talking with you. Thanks, Michael. “

Michael:” Thank you, Jenna “