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Premium Audit Collections Best Practices . Hosted by: InsightSolutions Website: www.myinsightsolutions.com Moderator: Patrick J. Connolly, M.S. Ed. Title:Director of Operations. Overview of the Premium Audit Process. Outline of how audits are typically completed Internally

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Premium audit collections best practices

Premium Audit Collections Best Practices

Hosted by:InsightSolutions

Website:www.myinsightsolutions.com

Moderator:Patrick J. Connolly, M.S. Ed.

Title:Director of Operations


Overview of the premium audit process

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


What should you know upfront

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 upfront1

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 upfront2

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


The completed audit

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?


What should you know upfront3

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 upfront4

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 upfront5

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


Best practices for successful collections

Best Practices for Successful Collections

  • Communication will improve collection process

  • Establish good communication between underwriting and collections

  • Automated solutions that greatly improve the premium audit process

    • Endorsing audit results onto current policy and adjusting estimates accordingly


Best practices for successful collections1

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 collections2

Best Practices for Successful Collections

Open Forum


Thank you

Thank You

Question and Answer Session

www.myinsightsolutions.com


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