Certificate tracking refers to an automated system for keeping track of Certificates of insurance and other important documents through an automated system. This system manages details such as names, insured amounts and renewal dates for multiple projects and vendors at one time. The benefits of using an automated tracking system, is to allow for more accurate record keeping of important documents and to mitigate risks to an organization.
Why is automation important?
Automation is key to having a system for certificate tracking for an organization with at least twenty vendors or contractors in their system at any point in time. With proper certificate tracking an organization can keep track of expiry dates, insurance limits, contract details and any other parameters that they require.
Tracking doesn’t just mean organizing documents. It also means the updated technology of scanning documents for compliance to the standards set previously by the organization. Once the requirements are created, the system compares the insurance requirements against the COI which was scanned into the database through our Optical Character Recognition software. If there is any missing information, the system will automatically send an email to the vendor to become compliant. Because of an automated system, a human does not need to read a certificate line-by-line, it is done for you by the system, as is the follow up emails to make a vendor compliant.
How does certificate tracking help vendors?
With the certificate tracking system, CTrax vendors can upload their own documents into the system through a user-friendly vendor portal. In this situation paper documents are less likely to become lost or misplaced.
Certificates of Insurance are generally created on the ACORD 25 form 99% of the time, however a good tracking software will be able to scan, read and track any custom form. There is always a an added layer or security because at with a little bit of help from our manual tracking.
A customizable, automated system will have a 99% accuracy rate, eliminating human errors which can cost time and money.