RETURN ON INVESTMENT
Take a look at some of the factors we considered when computing your ROI
Multiple coverages on the same COI require more work than a single coverage.
Expiration dates differ and will affect renewal requests.
Potentially 5 coverages with different dates and carriers per COI.
In the end, it’s about your time managing your vendors and clients.
Certii automates reading the COI, so you don't have to
Often times you need multiple certificates to meet compliance. It takes the same amount of time to process each one.
What are you going to do with all these documents?
Filing cabinets, spreadsheets, accounts payable – move it all to the cloud!
Multiple coverages on the same COI = MORE work
As you may have experienced, billings that come in with multiple coverages would typically expire at the
same time because each one of them is, most of the time, a component in the same insurance policy.
However, in practice, there can be multiple insurance policies in a COI which means they may or may
not expire at the same time. This can become a real headache when you have to constantly come back
and forth to make sure you have the right expiration date or whether it is a valid insurance policy or not,
in order to protect yourself and your company. And what is the worst part of all this? This becomes an
extremely time-consuming process when it comes to your workflow. As you can see, as the complexity
of the project grows, so does the amount of paperwork you have to go through and that is exactly when
the ROI becomes most noticeable. Thanks to its labor savings and automation process, you will be able
to override all those confusing trigger dates, exception dates or any other date that could affect whether
or not a valid coverage exists.
Expiration Dates DIFFER and AFFECT renewal requests
Nowadays expiration and renewal dates are just the tip of the iceberg, which is a result of the multiple
certificates involved to cover the required insurance of a policy. But don’t worry, at JDi we know this
happens because there are common situations where one broker may write health insurance while
another writes liability and maybe there is even a third one writing for automobiles and on top of that…
they all may expire at the same time. This is where a good software management product like CTrax can
help you optimize the way you manage your business.
So don’t worry, because CERTii’s your man and will help you modernize thanks to his 100% automated
renewal process, which is exactly when the ROI shines like a diamond. With CTrax, you simply have to
scan a certificate and it will start doing all the slow and tedious work of analyzing and reading the
insurance policies coverages limits of liability and addendums faster than you have ever before. On top
of that, you can automatically set up the renewal and noncompliance processes to instantly generate
emails to let your insureds know promptly about the matter and act accordingly.
All these benefits are only possible thanks to CERTii’s one of a kind Optical Character Recognition (OCR),
which automates reading the COI with a 99.9% accuracy while we validate each of the certificates
content to make sure it was read correctly by the engine.
Cover different dates and carriers per COI
With CTrax, you will be able to easily manage the five basic sections of your COIs, which include general
liability, automobile, umbrellas, workers compensation and the fifth usually being the broader one
allowing you to add any kind of policy line of business or coverage, which could include cyber or
property liabilities, for example.
But we don’t stop there, thanks to our description box, you will be able to find verbal overrides for
anything you might need, that being either waiver, additional insured endorsements and any other
specific requirements that were uploaded on the liability coverage requirement request to your vendor,
which might not be evident in a COI form but will need to be defined in an addendum of coverage.
The best time to automate was yesterday. The second-best time is now!
We don’t want you to keep wasting hours and hours manually managing every single detail of your COIs,
which is why with CTrax you will be able to easily scan a certificate of insurance while CTrax does the
rest. This means you won’t have to think about extracting and uploading the data into your database,
compare all the data against the compliance requirement and note the exceptions, indicate when the
renewals take place in order to automatically request the renewal and/or any other time-consuming
task you can think of.
But don’t worry, it’s never too late to join the CTrax family. So, whenever you’re ready to say goodbye to
all those filing cabinets and “Office fires” that can give you a migraine, come and check out our CTrax
demo and start automating right away!