How can you avoid being a dinosaur in these fast-paced times?
To automate all processes in your business leads to the fast-paced developments we encounter daily, which is not secret. AI has become a critical component in our daily lives, being present in most products or services.
Additionally, we have adopted these new patterns of behavior, and we have adapted to the online way of doing things. It has impacted our effort to automatize and ease any procedure we encounter to make our life much more accessible and significantly save time. The insurance sector is no exception.
We have reached such advances in this field that nowadays, more and more insurance, financial and legal companies are implementing some form of AI to improve their overall efficiency and management of all critical or sensitive information in their COI, which directly impacts the results.
All this is just the tip of the iceberg, which we can see by looking at the global market size of AI in 2019, which was USD 27.23 billion and is projected to reach USD 266.92 only by 2027, showing us the growing interest in adopting automation across different companies.
As a growing trend, it was also fostered by the COVID19 pandemic that impacted the rapid development of tools and software to ensure that most processes are automated. In this manner, many businesses kept the trend and switched to the automatic process partially or entirely.
Benefits of Automatisation
The extent of benefits that automation of any process brings is immense. Many companies in any line of business are starting to implement automatization and adapt the overall process to their needs. The adaptability of automatization and the introduction of software to everyday processes is one of the significant factors that impact the decision of companies to adopt this approach.
The story of automatization begins with the desire to keep processes inside the company and to have more extensive and precise procedures and control over the process. Automatization gives companies precisely this: it keeps everything within internal policies, reduces the time necessary for performing a task, and does it with surgical precision.
Some other benefits of automatization also include increased production output thanks to the ability of the system to perform any task unattended, 24/7. For example, the insurance industry allows you to sort and store data constantly without making a mistake or worrying that something is filed in a wrong manner. Also, it helps you keep track of all files about to expire while quickly adding new products regardless of you and your team.
This process allows you to take a more significant workload and still have high-quality performance. Also, it leads to another benefit of automatization: improved and consistent production and quality.
The results are greater control and consistency of product quality, or if we use our insurance example, a certainty that all paperwork necessary is appropriately sorted. Automatization also impacts the environment and gives you a smaller carbon footprint.
Besides 24/7 work, as mentioned, the automated system allows changes and adaptations as much as possible. The automatization process enables you to adapt to new trends, constantly including updates and fresh features, and grasp various products/documents the company offers.
With a secured and automatized system, the overall benefits for the company are immense, and employees perform their tasks better without additional and unnecessary workload.
JDi Data and Automatisation
Because we know that spiraling feeling when you are staring at a stack of paper on your desk not knowing where to start, at JDi Data, we are focused on developing different types of software and services that will help you manage complex claims of insurance data for the insurance, financial and legal community in a fast, simple and organized way. So get ready to stop living in the stone age with CTrax and avoid countless hours of manual labor, exhausting yourself and your workforce with needless frustration and inefficiency.
CTrax stores all your COIs on the cloud and eliminates the need for manual intervention. The idea behind the software is to scan and automatically store COIs, and notify you in case some data is missing or needs to be changed. More importantly, it tells you once the renewal process should be performed, so you don’t miss it.
The overall software experience allows you to enjoy and perform your other tasks more diligently, so you don’t have to worry about COIs.
Choose the right tool for the job!
You have decided it’s time to embrace the new automation era like a real innovator, but how do you do it?!
That is when JDi Data comes in and gives you a helping hand or hands, to be more precise, because we have many ways to help you rapidly optimize the way you handle claims information, and we have been successfully doing it for 25 years.
For example, let’s say you are still using the slow method of manually checking and filling your COIs. You will be excited to hear that our CTrax software was tailored to help you fill out, track and manage all that information quickly, simply, and securely so you can start focusing on the more essential tasks.
CTrax software is the most comprehensive platform to manage compliance and track insurance while integrating every aspect of these processes in one automated solution.
Thanks to its Optical Character Recognition (OCR), CTrax can rapidly and efficiently analyze the insurance compliance requirements to organize and manage the process faster than any other method you were using before.
That is one of the many reasons clients like the State of Nevada or Port of Corpus Christi Authority have chosen CTrax to Automate their Certificate of the Insurance management system and generate up to 90% in their ROI.
Features of CTrax Software
If you still wonder why CTrax software is among the best automatization solution for your company and whether you should use it, we bring you eight important reasons to do so.
Primarily CTrax software has a highly user-friendly interface allowing you as a user to have a great overall experience. It will enable users to store COIs without difficulties, even in batches, which shortens the overall upload time and additional expenses necessary for this task.
Besides shortening the time for the process, automatization processes built in the software minimize the possibility of human error. More importantly, it offers a feature where Producers, Providers, and Vendors can upload and track their COIs in your system.
Optical Character Recognition is one of the great reasons this software is a good solution for you. As we mentioned, reading uploaded and scanned Certificates of Insurance is one of CTrax’s standout features.
By comparing the scanned data with vendor certificate restrictions and identifying any exceptions, CTrax accurately assesses insurance compliance requirements. The CTrax hierarchy index vendor insurance, contract requirements, additional insured, waivers, and endorsements into a small database.
According to vendor types, industries served or needed forms of coverage, your user’s framework provides various certificates of insurance without your assistance. It helps your workforce shorten the time necessary for this task and perform their other tasks more proficiently.
The software can help you stay up to date on your vendor information. CTrax syncs with the AM Best interface, which confirms the quality of the software itself.
Similarly, while recognizing data from the COIs you stored, the software also schedules renewal requests and generates emails that quickly communicate with your parties. It yet again assures your employees to perform their job diligently.
Once the software recognizes and files all COIs, the program can also organize your projects for easier management and tracking of vendors over time—the ideal solution for clients who use vendors across multiple assignments.
Filing and organizing your COIs is extremely important, but many companies put security on a high-priority list. It is precisely another reason why CTrax software is the solution for you. The SaaS Certificate of Insurance Tracking solution provides you COI library, which is secured, protected, and easily accessible from a computer or mobile device.
Don’t put off until tomorrow what you can do today!
After you have chosen which of our software solutions are the right ones, the next step is to act! You just have to contact us, and we will make sure to help you modernize and avoid any future risks in a fast, simple, and organized way so you can conquer the Automation Era as efficiently as possible with the help of AI.
Our amazing team will help you along the way with all the required processes. And don’t worry, the process is very simple and user-friendly. Out CTrax solution as you see in our blog has all the necessary features to support you in your business journey and also help your team perform better.
But don’t risk it by taking too long, time waits for no one in this fast-paced world, and you can easily be seen as a dinosaur that doesn’t keep up with modern processes. The best thing is it only takes a moment to become just a drop in the rain! That is why we offer 24/7 support over the phone or email; just call or write to us with any questions you may have.