Physical audits – auditor will visit the policyholder to discuss their business, review the classification rules and develop the exposures by state that apply to each classification code. The auditor also develops a plan for efficient information development in future years to minimize time and expense in the long run. The goal of this process is to develop a smooth, accurate process that minimizes work for the policyholder and ensures accuracy.
Statement audits can be provided for smaller policyholders and policyholders with a good system in place for reporting, to increase efficiency and convenience for the policyholder. Final audit information is obtained by mail or telephone and the audit completed without a physical visit to the policyholder, however experienced auditor is available throughout the year to assist the Insured whenever they need any help.
Captive Services – design an audit process that makes final exposure development a smooth process every year, and provide premium audit support to assure accurate exposure development and minimal work for the broker and Insured for Captive insurance plans.
Private Client services – many employers prefer the same auditor every year who understands their business, works as a team member, makes the annual audit a smooth and seamless process, and provides many opportunities to reduce expenses for the employer. Employers can have virtual staff auditors complete the annual work comp audit for them including handling all the communications with the Insurance Company to ensure a smooth, hassle free process.
Private Client Audit Processes Develop unique processes that combine knowledge of the Insurance Company, the policyholder, and the agencies to keep all parties informed and educated, and produce an accurate final audit as efficiently as possible.
Insurance Company Audit Processes Premium audit department processes can be reviewed and “tweaks” suggested to improve efficiency. Setting up a new audit department? Give us a call if you’d like to discuss, we have done that work and can suggest some solutions to avoid reinventing the wheel.
Large employers Helping design optimum reporting systems for premium audit is a great opportunity to improve the annual audit process for those large employers. A stable, efficient system reduces large employer expenses and ensures they have accurate premium calculations.
Small employers process effectiveness can be reviewed and improved, including suggestions for methods contractors and others can use to track employee work by job done to split earnings into the proper rated classes according to state rules. This can be a real help to even a smaller employer. Provide year around support for small employers for a modest annual fee to ensure the insurance audit is a smooth process every year.