Factors to consider when computing YOUR ROI

Potentially 5 coverages with different dates and carriers per COI.

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.

Multiple coverages on the same COI require more work than a single coverage.

Expiration dates differ and will affect renewal requests.

Your Return on Investment and How Automation is The Key to Your Success


Having an effective automated document tracking system means a better ROI for your company.


As your company grows, so do the number of projects you manage. With an increase in projects comes an increase in paperwork, along with the time-consuming and complex task of organizing and managing that paperwork in a way that is easily searchable and kept up to date.


Thanks to CTrax’s automation process, your ROI will noticeably increase as you spend less hours manually uploading, verifying and managing every single detail of your documents. Your company is losing time and money with outdated systems to track your documents if you are not using automation.



Ways to increase your ROI:

Eliminate Labor Costs:

If you kept track of the time you or someone on your team spent manually organizing and tracking documents, you might be surprised and maybe a little shocked with the amount of hours needed to perform simple tasks. With CTrax and our OCR software, your Certificates of Insurance are scanned and our character recognition reports any deficiencies. Labor costs are notably reduced with automation.   


Eliminate manual processes:

Are you manually checking renewal and expiration dates on your coverages? This process can be time consuming, having to go back and forth through the documents, making sure the policies contain the correct information and are valid. Some policies have multiple insured and they all may have different expiration or renewal dates as well. A lot of time can be spent tracking these differences manually.

When uploading your policies, you can easily set up your customizable vendor profiles based on your needs, and the program will sort and organize completed documents and flag any others with deficiencies, contacting the vendor directly to fix the problem in order bring their documents into compliance. Manual processes for tracking and organizing are notably reduced with automation.


Eliminate multiple databases:

If you are manually tracking your COIs, you probably have ineffective ways of storing and organizing your information. Files stored in a filing cabinet are hard to find and almost impossible to organize without a spreadsheet extracting the data. If you are using an Excel spreadsheet to detail that information, human error is a risk to accuracy and there is no way to automatically search or update information without spending a lot of hours doing so. There is no need for multiple databases with automation. 


Multiple coverages on the same COI = MORE work

In a simple and uncomplicated world, we would expect a Certificate of Insurance that comes in with multiple coverages, assuming they are all a component in the same policy, to typically expire at the same time. 

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 must constantly come back and forth to make sure you have the right expiration date to confirm that the policy is valid insurance or not. The focus to protect yourself and your company now becomes a task that can require so much it becomes overwhelming.

And what is the worst part of all this?

The manual workflow of sending requests, waiting for the insured to provide a new certificate, the manual review of compliance, and then sending another communication requesting the correction makes the workflow an extremely time-consuming process.

As business grows and projects require attention, the volume becomes enormous and the amount of paperwork you must go through and is exactly when the ROI becomes most noticeable. Thanks to its labor savings and automation process, you will be able to easily see the ROI savings. The software can easily manage and react to expiration dates and compliance needs.

Expiration Dates DIFFER and AFFECT renewal requests

Nowadays expiration and renewal dates are just the tip of the iceberg. Multiple certificates provided by the agent or broker many times a year becomes possible to cover the required insurance of an agreement of contract. But do not worry, at JDi we know this happens because there are common situations where one broker may write auto liability insurance while another writes General liability and there is even a third one writing for workers compensation.

On top of that… they all may expire on different days. This is where a good software management product like CTrax can help you optimize the way you manage your business.

So do not worry, because CERTii’s your man and will help you streamline the process, thanks to his 100% automated renewal process, it is exactly when the ROI shines like a diamond.

With CTrax, you simply must scan a certificate and it will start doing all the slow and tedious work of analyzing and reading the insurance coverages and limits of liability, waivers, and endorsements faster than you have ever before. On top of that, you can set up the automatic communication to 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. Here at CTrax our commitment to precision is paramount. After the automation is complete, we validate each of the certificate’s content to make sure it is an exact extraction of the document provided.

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, professional, pollution and many more.

But we do not stop there, our detailed review description box allows for a side-by-side comparison of requirements and what the insured provided. A quick approval of can allow for a manual override will one click of a button, which being either waiver, additional insured endorsements, or any other specific requirements. If there is an occasion where the COI may not reflect what is provided on an endorsement or waiver, a quick and simple manual override can be complete until the next renewal.

The best time to automate was yesterday. The second-best time is now!

We do not 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 will not 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 to automatically request the renewal and/or any other time-consuming tasks that would reduce the ROI.

But do not worry, it is never too late to join the CTrax family. So, whenever you are 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!