INSURANCE AUDIT

Have you ever considered an insurance audit on the lines of internal audit?

If not, then your business is probably greatly exposed as respective package insurance policies may not respond entirely or to the full potential in the unfortunate event of loss or damage. Our Audit reports provides comment and status on follow critical items-

1. All unmet warranties and conditions as imposed in insurance contracts.
2. All the properties and liabilities which are not insured at all or greatly underinsured. In the real time scenario, we have experienced that many clients lost big time money and resources who procured the insurance policies (in good faith due to in-house arrangement and/or on the basis of relationship alone and/or on status quo basis) that too without having an insurance expert on their side. We have also seen cases of businesses going bankrupt and senior managers losing their jobs due to their inability to collect claims since their insurance contracts were very restricted with minimal coverage.
3. Non-negotiable improvements required in the existing insurance contracts.
4. Bench marking – premium vs actual expenditure. With our wider reach to insurance and reinsurance markets; it is obvious for us to eliminate unnecessary administration fee built up in risk premiums; thus, bringing overall efficiency in pricing of insurance contracts.
5. Uncollected claims and their updated status. We carry a thorough analysis of all the reasons for denial or unending delay and provide with complete step by step guide enabling our clients to collect claims. We have a specialized in-house company by name of RECLAIMO SURVEYORS who is expert in loss assessment and surveying field. It’s easy for them to understand the loss assessment jargons and unending requirement of documents. We make sure that our client remains completely insulated from the vicious cycle of DDU (Deny, Delay and Underpayment of Claim).
6. Premium reconciliations to make sure that in the past you have not paid additional premiums and collected all cancellation refunds. We also verify whether the calculation of premiums been fairly done in previous years.
7. Commission collected by earlier broker or sales agent/sales manager in order to make you aware that how much is being loaded onto your premiums. You may decide was that worth?
8. We also list out here what all types of insurance policies your business may require?
9. We also comment on the existing and most suitable basis of indemnity based on your schedule of assets (Purchase Value Vs Replacement Cost) ought to be incorporated for each insurance policy.