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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



Thank you

Thank You

Question and Answer Session

www.myinsightsolutions.com