What is a COI Software?
In short: COI software is an efficient tool that helps you be more organized and saves you money, time, effort, and stress. However, many companies are still not informed about what COI tracking is.
In this article, we will dive into what COI tracking software is all about.
How Does COI Software Work?
A COI or Certificate of Insurance tracker essentially replaces the time-consuming task of collecting, managing, and extracting data from certificates of insurance. If the data processing isn’t done by a machine, then it is done manually which is both an exhausting and time-consuming task. The tracker sends out renewals requests and even confirms third-party compliances.
It provides continuous verification of coverages and contains information such as the certificate’s type, coverage limits, policy number, policy owner, additional insureds, and validity periods.
For example, CTrax is an outstanding cloud-based COI tracking software designed to run error-free and save the COI hoarder time, money, and frustration. This fully autonomous comprehensive Certificate of Insurance tracking solution is made to reduce manual processes, handle COI entries, filing, and general management.
The best part about it? It is easy to use and requires no special IT expertise!
Ctrax Features
Upload a single certificate or an entire batch – CTrax easily reads the uploaded Acord 25 COI! You can verify accuracy by side-by-side comparison, and in case of batch uploading, or if you already have a couple of documents uploaded, finding the one that you are looking for isn’t a problem: use the program-provided search bar.
CTrax has many functions that you can take advantage of:
- It will send automatic renewal reminders, requests COIs, tracks each individual coverage on the respective certificate, and sends out e-mail reminders.
- A customizable dashboard that you can customize for your needs.
- There is a two-step process incorporated into Ctrax: First, it starts with an
- OCR capture process, which reads every incoming certificate, extracts the data, and puts it in a holding queue, where the assigned team of analysts review and validate the extracted data which ensures accuracy and avoids fraudulence at the same time!
Being organized is key just as much in our professional lives as in our personal ones!
