Why Compliance Matters

Why Compliance Matters

C-Trax News, Certificate of Insurance
For businesses that work under a regulated environment, it’s important to adhere to compliance standards in order to keep operations at an optimal level. Internally, management teams are constantly reevaluating processes, (including insurance-related procedures,) to ensure they are safeguarded from any mishaps. An important effort, as insurance claims are often economically draining and can have a negative impact on a company’s reputation. This makes it necessary for a company to handle their certificate operations and third-party relationships in an effective manner. So that they can adequately safeguard against injuries to contractors and clientele, the liability from defective products, and any other potential lawsuits. From a risk management perspective, putting the proper strategies in place to protect your organization is of the utmost importance. Costly Consequences The purpose of COIs and…
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Main Challenges in 3rd Party Risk Management

Main Challenges in 3rd Party Risk Management

C-Trax News, Certificate of Insurance
Although digital advancements have helped streamline business processes, they have also spurred a handful of risks relating to data breaches. Due to this, many organizations are actively seeking to implement 3rd party risk management strategies to help protect themselves from a cyberattack. Put simply, 3rd party risk management is a means for businesses to analyze and mitigate risks that may arise due to a devastating attack on a third-party vendor. The effects of which, will not only impact business endeavors and daily operations, but will also wreak havoc on your company from an economic standpoint. The repercussions of not having a sound defense plan can be undeniably costly.  A cyberattack can easily effect a company’s monetary status, lose customer trust, and destroy their reputation. Some of the common challenges companies…
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OCR Capture Process

OCR Capture Process

C-Trax News
  The work week is a hectic time that’s filled with an endless amount of tasks that is soon over before anyone realizes it has even begun.  During this crazy time, the most important thing is to make sure that a person gets all of their work finished with accurate results in a timely fashion.  But sometimes there’s just too much going on, and an individual may find it difficult to complete all of their objectives before the week ends.  After all, we are only human, and mistakes happen.  This is why JDi Data developed CTrax Certificate of Insurance tracking, to help make work lives easier, more proficient, and increase company productivity. This is easily accomplished by CTrax’s key feature, JDI’s proprietary Optical Character Recognition (OCR) technology.  OCR is the…
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Expiring Certificate of Insurance

Expiring Certificate of Insurance

C-Trax News
  In order for a business to hire vendors, and for the vendor to successfully win a contract, it is important for them to provide an accurate Certificate of Insurance that details their coverage.  If the contractor being hired has high risk exposure, it becomes vital that their insurance coverage is accurate and up to date. Example* A business hires a contractor to build a new break area at an office building that will expose both the contractor and the employees at the office to the risk of bodily harm. If for whatever reason an incident was to occur during the construction process, it is crucial that the liability has been appropriately assessed and that coverage is available for the effected party.  An accurate and updated COI details all coverage…
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Document Library

Document Library

ACORD Forms, C-Trax News
Large businesses often require numerous vendors and subcontractors that they must use to conduct their affairs and accomplish the day’s tasks.  By law, certain professions are required to carry adequate insurance to protect them against any type of liability.  Oftentimes, a business wants to ensure that the vendor they’re hiring is operating in full accordance with these regulations. They also want to confirm that everyone involved is covered in case of an incident.  Manually keeping track of these Certificates of Insurance is an extensive affair that can quickly become an overwhelming process due to the sheer volume of paperwork and correspondence that is required.  CTrax solves this issue by providing an automated system that keeps track and stores all of a business’s COIs in an easily accessible document library. The…
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CTrax User-Friendly Dashboard

CTrax User-Friendly Dashboard

C-Trax News, Certificate of Insurance, OCR Optical Character Recognition
Gone are the days of slicing your fingers on thousands of paper documents in an effort to organize and manage Certificates of Insurance.  These days, businesses should be taking advantage the variety of software applications that can perform a company’s every need.  That is why CTrax is necessary for anyone who works long hours tracking and handling COIs, because it automates the entire process for hands-free management.  Not only that, but the CTrax dashboard readily delivers all necessary information directly to your fingertips. The CTrax dashboard is a critical application feature that saves both time and money, while mitigating risk.  It provides an easily accessible portal that allows for instant viewing of all relevant policy information.  By simply hovering over the high-level workflow station subsection, users can effortlessly select the…
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Readily Available ACORD Forms

Readily Available ACORD Forms

ACORD Forms, C-Trax News
  JDi Data’s CTrax was developed as the most effective solution currently available to help business entities successfully manage risk.  CTrax is an insurance industry software product that was specifically created to increase productivity and lessen the time spent manual tracking Certificates of Insurance (COI).  It is a cloud based, user-friendly, intuitive, paperless, and economical solution that is meant to efficiently maximize the COI process.  The system was built to give users maximum control over viewing all of their data in a simple and easy to use platform.  So that more time can be spent on more important tasks like developing company strategies, and less time is spent on tedious COI documenting. All About ACORD One of the main ways that CTrax maximizes efficiency is by making all ACORD forms…
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CTrax in the Cloud

CTrax in the Cloud

C-Trax News
  The goal of all technology is to make life easier and more productive, so that the human element can be better directed towards other complex and critical tasks.  As a result of technologies ever increasing advancement, technology has continued to become more effective, efficient, and accessible.  ‘The Cloud’ environment stands as a prime example of how proficiently technology has continued to evolve.  This is why JDi Data has embraced the cloud and has begun incorporating it into our current solutions -to continue making life better. Why Our Solution is Better in the Cloud JDi’s latest product, CTrax, has proven that the evolution of the cloud is the way of the future for state-of-the-art applications.  In addition to being immediately accessible through a smart and easy to use browser based interface,…
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Managing Waivers of Subrogation

Managing Waivers of Subrogation

C-Trax News
  Waivers of subrogation are an important detail of Certificates of Insurance (COI) that cannot be ignored.  However, they’re often misunderstood and are even harder to keep track of.  In essence, waivers of subrogation are an agreement between the insured and the insurer stating that (in case of an incident) the party at fault cannot be approached for amends.  To get a better understanding on waivers of subrogation, it would be prudent to understand exactly what subrogation is and how it works. What is a Waiver of Subrogation? To begin with, we’ll use a minor car accident (with no injuries) as an example.  Both of the parties are covered by insurance, but only one of the parties is at fault for the accident and damages incurred.  The party that sustained…
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Why CTrax is Important for Managing COIs

Why CTrax is Important for Managing COIs

C-Trax News, Certificate of Insurance
 What is a Certificate of Insurance? Generally, a Certificate of Insurance (COI) is a summarizing document that is issued to a policy holder as confirmation of coverage.  The policy holder is then able to share the COI with a third party that is interested in receiving the contractor’s services.  At this point, the COI stands as proof of coverage for the third party and allows for liability to be assessed between the contractee and the contractor.   The COI provides the core details of the insurance holder’s policy (name, dates, etc.), along with the basic terms of the coverage they’re set to receive. Why is it Important to Track? Most businesses have numerous vendors/contractors that they routinely employ to complete specific jobs.  They also have long-term/recurring contracts with vendors who are…
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