Overview of the CTrax System
CTrax offers users an automated Certificate of Insurance tracking solution allowing users to drastically increase productivity while reducing overheads and risk. CTrax automatically fills in the required information for certificates of insurance helping users save time and money by reducing the amount of time staff has to spend manually entering data entry. So how does CTrax actually read your ACORD documents and fill in the required data?
How can it help?
Certificate of insurance tracking can help protect a company from any undue liability, especially from issues caused by subcontractors as the automatic process ensures that all data and policies are correct and up to date. Removing the risk from COI tracking allows a company to perform at its very best and makes the whole process much more streamlined and professional. You simply add your required parameters and the system takes care of the rest for you.
What is OCR?
The CTrax system by JDI makes use of a fantastic feature known as OCR or optical character recognition which is 100% accurate when capturing data. Files can be scanned or uploaded into the CTrax system and the information will be automatically added to the correct fields and transfer it to the vendor’s profile. There are some human elements involved and one of them is confirming that the data is correct before it is securely processed to ensure that the certificates are valid and within their term dates. There are also the added benefits of being able to receive reminders via email and send reminders to policyholders that are due to expire in the near future helping avoid time-consuming mistakes. When a renewed certificate is received, CTrax automatically scans and files it into the system
What information can it show me?
The systems developers, JDI have over 20 years of experience in developing and designing insurance claims management and analysis software. The easy to understand user interface allows seamless processing of COIs and would prove invaluable to companies working with a large number of vendors. CTrax allows the grouping of COIs by project and can help save time and energy that is required for collecting information from users working on the same project. As the product is web-based, it can provide real-time data on certificates of insurance and allows the user to manage and view them with ease thus limiting the risk factor involved. In fact, the data it can provide is not limited to just policy dates, it also allows a user to view and manage coverage limits, policy periods, carrier, producer, and contact name.
How does it mitigate risk?
Having a valid and up to date COI is important, especially if you are hiring vendors with a high level of risk involved. Hiring a contractor without a valid COI can result in your company paying tens of thousands of dollars should an accident or damage occur. This is why it is vital to ensure all certificates of insurance are valid and within their terms before commencing a contract. CTrax takes care of all the legwork for you and mitigates risk by ensuring that the COI is valid and in effect.