Every company has to deal with a certain amount of legal documents. They can be related to insurance, reinsurance, and third-party relations.
Some businesses still rely on paper documents, meaning they must physically store and manage many data. If they wish to translate information to digital form, records must be filled manually, which requires a lot of time and includes the possibility of frequent human error.
CTrax was designed to resolve legal document issues and delays, which helps companies cut back on manual maintenance and review costs.
To understand the COI tracker’s impact on your organizational workflow, we bring you a hypothetical comparison, based on our users’ experience, before and after switching to CTrax Automated COI Tracker System.
Experiences Before CTrax
Unique certificates of insurance (COIs), contracts, and compliance paperwork are necessary when collaborating with various vendors, contractors, and tenants. Each warrant will specify the kind of insurance you need to reduce risks and hazards for your business.
Throughout talks with prospective clients and existing customers, we have seen that COI tracking is a time-consuming manual procedure that relies primarily on paper and pen principles.
Let’s say you have a construction company, for example, employing several hundred workers. You want to have all workers insured because the dangers of work-related tasks result in frequent injuries. The insurance company will cover the costs if any worker suffers an accident.
But you still rely on physical documents and manual management, which means your certificates of insurance, claims, and other legal documents are stored in many back cabinets or office desks without any order, which leads to several problems. You want to be prepared if you decide to stick to manual management.
If you select manual COI tracking rather than employing automated software, the costs of the staff member who examines each certificate and guarantees compliance will probably not get any lower. It takes time to sort, store and manage hundreds and thousands of legal documents and access the right ones at the right time, so you will sometimes need a whole team to work on it.
The first place where a human mistake can occur is certificate filling. If it is done manually, errors are almost guaranteed. Tracking certificate expiration dates also leaves room for oversights, which could result in a catastrophe. Accepting a certificate with inaccurate information puts you at risk of not having the appropriate coverage and makes you liable if a risk situation arises.
Impossible Internal Communication
With just paper as a communication tool, internal communication is virtually impossible. One individual can’t handle the complicated interactions required to coordinate with all the contractors, vendors, and team members while collecting and reviewing certificates.
Imagine that, unfortunately, one of your workers suffers from an injury and expects the company to cover treatment expenses, as stated in the worker’s contract. You react quickly but soon discover that the insurance policy expired yesterday, and your employee is no longer insured.
What are you going to do? It was the employer’s responsibility to guarantee coverage in an emergency. Still, you have not renewed COIs on time because the management team was busy handling other tasks, or someone just missed to perceive an expiration day, which can quickly happen in COIs are not filled and stored correctly.
The worker can now take legal action against you and probably will. If they don’t, the state will react because of the law regulations and fine you or even insinuate the company’s closing.
Overall, a disaster. And it is just one of the examples of issues you could suffer if your COIs are not adequately managed.
Experiences After CTrax
After you made a mistake and paid the price, you realize that your COI management game needs to step up if you wish to keep your company alive. The management system you used is no longer functioning and only threatens trouble.
You hear about CTrax from other satisfied clients who have relied on its services for a long time and decided to try it.
CTrax’s OCR technology quickly scans the COI document and transfers it into the CTrax cloud database, which is safely stored and easily accessible by all team members. The optical technology guarantees almost 100% of accuracy. Mistakes can only occur if the certificate is not filled correctly in the first place.
Your team now does not have to spend as much time storing and reviewing COIs. Communication is significantly easier and faster, and human errors are drastically reduced. That cuts unnecessary expenses, and now your team can focus on other essential tasks.
And most importantly, if any of your workers ever suffers an injury in the workplace, you will be prepared. CTrax notifies you about all expiring COIs and includes a feature for automatic renewal requests. It will save you a lot of additional costs and reassure your employees.
CTrax helped optimize your workflow, providing a stable ground for the company’s growth and prosperity.
A few months after the tracking system implementation, another one of your employees suffered an injury. This time, their COI was updated because the system alerted the team about expiration and sent a renewal request in time. Now the insurance company can step in and provide financial help to you and your worker. No lawsuits take place and employee gets to recover safely.
One of the numerous benefits CTrax delivers through COI tracking software and management is protecting a company’s liability after working with a subpar contractor. The automated workflow will function as smoothly as feasible if a reputable supplier or vendor is chosen in advance since everyone will be contributing to the same aim. To guarantee the security of your information and your vendors’ information, CTrax upholds the highest degree of compliance.
In conclusion, your business and employees are at stake if your COI documents are not correctly managed. Public organizations, companies in the construction industry, and firms in the real estate and property management industries—all of which deal with certificates of insurance—are starting to recognize the importance of our software and business expansion through automation.
We will continue to build software solutions that alter enterprises via innovation and automation as we research, refine our ideas, and get input from our clients.