INSURANCE AUDITING
What is Insurance Audit?
It’s a process where we check that your current policy suits your requirements or not and on the basis of it our future decision is made. Well first we study your policy, the next thing we do is analysis of your policy after which we try to find out deficiencies or shortcoming in your policy and on the basis of our study we provide you with expertise solutions.
Stages in Insurance audit.
Stage 1 Analysis:-
- Evaluation of your policy
- Comparison
- Needs Analysis
- Benchmarking
- Trade Practices
Stage 2 Deficiencies:-
- Does your policy covers Intended Risk?
- Is the coverage adequate?
- Are there any mistakes, errors in your policy?
- Is the premium charged appropriate?
- Is the sum insured adequate to cover your risk?
- Is the description of risk matching with assets?
- Are all the risks incorporated on the face of the policy?
Stage 3 Solutions:-
- Need of existing coverage… is it required?
- Need for Additional coverage& suggestion on optimization of insurance policy.
- Suggestions w.r.t to free clauses
- Premium Reduction/Minimization Ideas
- Suggestions for new/Different product.
- Suggestion for selecting Insurance Companies w.r.t insurance products and claim settlement track record
- Suggestion with Respect to policy wordings of risk ( Claims in mind )
Get your policies check, scrutinize before something happens.