Why CTrax is Important for Managing COIs

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how to use ctrax

 What is a Certificate of Insurance?

Generally, a Certificate of Insurance (COI) is a summarizing document that is issued to a policy holder as confirmation of coverage.  The policy holder is then able to share the COI with a third party that is interested in receiving the contractor’s services.  At this point, the COI stands as proof of coverage for the third party and allows for liability to be assessed between the contractee and the contractor.   The COI provides the core details of the insurance holder’s policy (name, dates, etc.), along with the basic terms of the coverage they’re set to receive.

Why is it Important to Track?

Most businesses have numerous vendors/contractors that they routinely employ to complete specific jobs.  They also have long-term/recurring contracts with vendors who are regularly called upon as a trusted service providers.  In the event that an incident arises during this time, the contractee needs to be informed of the terms of coverage for their vendor.  This requires the contractee to dedicate a large amount of time and effort to filing, organizing, and keeping all of the various COIs up to date; in addition to filling out forms, requesting contracts, and exchanging information.  Depending on how many certificates are required by the contractee, this could easily become a full-time job for multiple employees.

What is CTrax?

CTrax is the go-to solution for automatically tracking Certificates of Insurance.  In a nutshell, it streamlines the process of managing incoming policies, renewals, requests, policy details, and waivers of subrogation, to name a few.  The solution is cloud based and is accessible 24/7 from any computer or mobile device, providing a secure and convenient access point for handling all certificate matters.  Therefore allowing it to dramatically reduce the amount of resources that are required for handling the mundane duties of certificate tracking.

What Does it do?

The main strength of CTrax lies in JDi’s proprietary Optical Character Recognition (OCR) technology.  This allows the solution to read and comprehend documents that are uploaded into the CTrax library.  Because the documents are understood by the system, the solution is able to automatically populate data and generate request forms, eliminating the need for manual data entry.  This allows users to upload hundreds of certificates at a time in an organized manner that requires no more than a few mouse clicks.

However, CTrax’s automated functions extend much further than just capturing data with no manual input.  More importantly, its able to provide reminders and send out renewal requests for expiring certificates according to the user’s preconfigured specifications.  This eliminates the risk of retaining contractors that do not possess the necessary coverage by ensuring that their insurance information is always up to date.

Additionally, the solution is easily searchable thanks to a global search tool that works in the same manner as Google search.  This means that all of the information stored in the CTrax library can be easily found based on a short search for any aspect related to the certificate, including partial searches that only incorporate a piece of a name or a part of the policy number.  Normally, it would take hours to manually sort through filing cabinets filled with thousands of certificates.  With CTrax, it only takes a few minutes.

How Does CTrax Help?

Put simply, it saves a company two of its most valuable resources, time, and money.  Through its automated processes, CTrax preserves hundreds of employee-hours and reduces their workload by up to 90%.  Enabling employees to focus their time and effort on more important tasks.  Because less employee time is required, it also saves countless company dollars by completing the same tasks as the manual process at a fraction of the cost.  See for yourself how quicklt CTrax improves efficiency, sign up today for a free demo!


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