Premium Audit Collections Best Practices

Hosted by: InsightSolutionsWebsite: www.myinsightsolutions.comModerator: Patrick J. Connolly, M.S. Ed.Title: Director of Operations

Overview of the Premium Audit Process

•Outline of how audits are typically completed• Internally• Externally

•Scheduling process

•Onsite processes

•Quality Review

•Return to Underwriting or Processing

•Get started off on the right foot for collecting AP

• The audit should be ordered close to the expiry date of the policy

• Communicate with Underwriting to understand their processes for ordering audits and selection criteria

What Should You Know Upfront?

•Get started off on the right foot for collecting AP

• The audit should be ordered close to the expiry date of the policy

• Communicate with Underwriting to understand their processes for ordering audits and selection criteria

What Should You Know Upfront?

•Get started off on the right foot for collecting AP

• The audit should be ordered close to the expiry date of the policy

• Communicate with Underwriting to understand their processes for ordering audits and selection criteria

What Should You Know Upfront?

The Completed Audit

• Completed and sent back to Underwriting

• What does the carrier look for in the audit?

• How does underwriting treat disputed audits?

• What happens to uncooperative insureds?

•Get started off on the right foot for collecting AP

• The audit should be ordered close to the expiry date of the policy

• Communicate with Underwriting to understand their processes for ordering audits and selection criteria

What Should You Know Upfront?

•Get started off on the right foot for collecting AP

• The audit should be ordered close to the expiry date of the policy

• Communicate with Underwriting to understand their processes for ordering audits and selection criteria

What Should You Know Upfront?

•Get started off on the right foot for collecting AP

• The audit should be ordered close to the expiry date of the policy

• Communicate with Underwriting to understand their processes for ordering audits and selection criteria

What Should You Know Upfront?

Best Practices for Successful Collections

•Communication will improve collection process

•Establish good communication between underwriting and collectionsAutomated solutions that greatly improve the premium audit process

Endorsing audit results onto current policy and adjusting estimates accordingly

Best Practices for Successful Collections

Best practices to handle the premium audit process more successfully

• Processing and billing an audit within 10 days for those without an automated billing system

• Communicate negative trends to underwriting so they know what audits to set for RUSH handling

Best Practices for Successful Collections

Open Forum

Thank YouQuestion and Answer Session

www.myinsightsolutions.com