Insurance Risk Management Certification
Certificates of Insurance (COIs) are fickle creatures that present a sort of catch-22. They are completely necessary for day-to-day business operations, while at the same time they add zero value and drain precious company resources. Their purpose is to ensure coverage has been established. As such, they are required to be documented, filed, requested, and delivered.
Certificate Of Insurance Tracking Solution
This was traditionally accomplished through slow-moving manual processes that consumed a tremendous amount of employee time. Unfortunately, the larger an organization is ―the more attention their COIs demand. Government entities in particular are subject to handling excessively large loads of certificates of insurance. This has created the necessity for enhanced COI software that can capably handle the day-to-day challenges of COIs.
What is a Certificate of Insurance?
A Certificate of Insurance is a document that is issued to a vendor/company by an insurance agency or broker that provides the main details of said vendor/company’s insurance coverage. The vendor/company is then required to provide their COI to any outside organization that hires them as proof of their coverage. The COI is then used to determine liability in the case of an incident in order to protect against any disagreements or future lawsuits.
Important Aspects to Consider Regarding COIs
- The type of insurance
- The amount insured
- The quantum of liability
- The date of commencement and final expiration
Certificates of Insurance are critical for reducing an organization’s risk and should not be taken lightly. But because they offer no reward, they regularly dissuade businesses against dedicating the necessary time and resources required to effectively handle their weight. Regrettably, the matter is further compounded by the steady influx of new COIs that also need to be sorted, stored, and tracked (creating a constant uphill battle). This opens up the organization to an increased chance of mishandling COIs, which could result in a drawn-out legal battle.
How COI Tracking Software Helps
Certificate of Insurance management software can successfully automate all of the necessary processes at any type of organizational level. Thereby saving an enormous amount of time and effort as it reduces the manual workload by up to 90 percent. Not only that but, an effective COI solution will eliminate upkeep and maintenance while providing automatic reminders/requests for expiring certificates.
This leads to a dramatic increase in company resources, which can be smartly applied to more important work tasks. It’s almost the same thing as a company trading in their old rickety handcar for a sleek new magnetic levitation train. The effect of which is an increase in speed of completion with a reduction in human error.
Additionally, COI software can efficiently deliver timely reminders that expertly protect against devastating lapses in coverage. This safely shields against any prospective lawsuits that could occur as a result of inappropriate coverage, while making sure that all parties stay informed on the current status of their certificate’s coverage.
By now, it should be apparent that the multiple advantages of using digital methods far outweigh any sort of benefits a manual process may hold. Of course, the argument could be said that there are security issues to worry about. But this is also true of storing sensitive information in a filing cabinet, and with bank-grade security levels available to software users, it’s far safer to use than the office.
How to Find the Right COI Application for You
As with most products, there are a ton of Certificate of Insurance products available. They claim to improve workflow and increase efficiency. Yet, they offer no explanation of how and deliver subpar performance that is indicative of an inferior solution.
JDi Data’s CTrax has the technology to back up all of its claims and delivers the superior performance your company doesn’t just need, but deserves. It operates on a cloud-based foundation that offers immediate access to all its information at a moment’s notice while keeping it locked away tight with a 256-bit bank-grade security level.
CTrax’s secret lies in our proprietary Optical Character Recognition (OCR) technology, which instantly reads any document uploaded into its system. This enables it to understand the document’s layout and populate its fields according to exact specifications based on predefined parameters. From there, CTrax stores all critical information such as dates, names, and terms of coverage in an instantly searchable vault that automatically schedules out reminders.
Plus, it’s backed by JDi Data’s award-winning customer service with around-the-clock support. As part of our methodologies, we strive to deliver exactly what our customers need. To do this, we’ve designed our systems to be completely configurable according to your exact specifications, so that we deliver the most intuitive turn-key solution available. This ensures our clients are able to hit the ground running while optimizing their businesses for the best.