Claims are essential components of your loss ratio, and knowing how they could prove crucial to your insurance premiums is especially important. That is when claims management starts to sound like a great idea because accumulated unnecessary claims can severely impact your profitability and risk exposure. A policy contract with your insuring company guarantees financial protection in case of emergency events, loss, and suffered damage. In exchange, you agree to pay premiums.
So how do you reduce your exposure? “Risk transfer.”
Simply put, anyone that exposes you to any unnecessary risk because of your relationship with them, i.e., a vendor, contractor, even an on-site consultant, can expose you to risk. It is best practice to ensure anyone on your premise has the proper coverage to avoid your exposure to their potential risk.
An insurance claim is typically made against an entity or person where a claimant requests compensation for a suffered loss. In most cases, insurance companies indemnify their clients by issuing insurance coverages.
A certificate of insurance is a document that is to prove insurance coverage and names you as a certificate holder in the event of a loss. There are also additional insured endorsements for more complex relationships that may be required by your risk analysts. Both are equally important; managing them can save you grief and reduce monetary impact.
Not all claims are equal, but they do affect your insurability as well as your Insurance premium with increases or reductions based on loss experience. For example, mold, dog attacks, slip-and-fall injury claims as well as property losses are all considered when an insurer is writing a policy, with each coverage having a major impact on the cost.
These are warning signs of future liability for an insurer. They can adversely affect your premiums and cause your insurer to think twice before offering insurance coverage.
CTRAX – Certificate of Insurance Tracking Solution
At JDi, we understand that proper management of Certificates of Insurance is a significant concern for many organizations and individuals. That is why we developed adequate software to help you keep your documents organized.
CTrax is designed to ease risk transfer from your business to third parties, such as vendors and contractors.
Through professional oversight of certificate of insurance (COI) and other compliance-related documents, CTrax will help reduce your exposure to unnecessary claims due to negligence or accidents caused by others. That will save you from a rate increase and additional expenses they could carry along.
It will warn you about any expiring or potentially inadequate coverage of policies listed on certificates of insurance. Maintenance costs will be lower since the system runs in the cloud. Documents are easily accessible at any time and place.
It will warn you about any expiring or potentially harmful certificates of insurance. Maintenance costs will be lower since the system operates on the cloud. Documents are easily accessible at any time and place.
How CTrax Helps
CTrax will help you in several ways. It will:
- Improve insurance coverage compliance
- Consistently and accurately track, monitor, and maintain insured compliance
- Reduce administrative burden and costs
- Enable enterprise-wide reporting and communication
- Eliminate IT maintenance costs by switching to a cloud-based solution
CTrax Services
CTrax operates on three levels, adjustable to your business and personal needs.
The self-service offering is our software option, allowing our client to maintain control of the entire process, including OCR capture and compliance review and approval. It empowers you to access your documents 24/7, get notifications about automated renewals and use OCR technology. You will get the insurance requirement templates and the option to email templates too. Document storage access and analytics are included.
The Quality Managed service guarantees a 100% verification of the Optical Character Recognition (OCR) data capture process. Each certificate of insurance processed in CTrax will be reviewed by our quality assurance team, which verifies the OCR engine process to guarantee that data capturing is accurate. It eliminates one step for clients that wish to use all the benefits of the CTrax solution but reduces the administrative burden of reviewing each COI for accuracy.
CTrax PLUS SERVICES is JDi’s exclusive white-glove service offering which supports our client’s desires for a fully outsourced solution. A dedicated account manager directs a team of insurance professionals to ensure insureds remain compliant with our client’s insurance requirements. The team of experienced professionals will follow up, review & verify, and request certificates.
The PLUS SERVICE includes up to four communications to insureds, three emails, and phone calls to obtain a compliant COI. The system also records the audit trail of all activities required to obtain compliance.
CTrax is the automated solution that will save you claims headaches, never let you miss any certificates of insurance issues that may occur, and maintain control over the entire process, including compliance review and communications. It is the ultimate solution for COI Tracking.
CTrax is the automated solution that will save you claims headaches, never let you miss any certificates of insurance issues that may occur, and maintain control over the entire process, including compliance review and communications. It is the ultimate solution for COI Tracking.
