Insurance premium auditing is a process that was once handled by the carriers themselves, leading to several issues and errors that cost businesses their precious time, money, and resources. Especially now with advanced tools like artificial intelligence, the landscape of insurance premium auditing has changed drastically, now relying on contracted auditors to handle the process.
Artificial intelligence has allowed these auditors to better detect anomalies and errors, predict trends and potential risk, improve classification, and even discover changes in real-time. Advanced technology has also expanded the platforms on which these audits can be performed, whether that be over video conference, phone, email, or secure web-based portals. Reducing this error has decreased the likelihood of experiencing costly inaccuracies and surprises in estimations.
In the wake of this new model, there are several services available for businesses to take advantage of, guiding leaders through the auditing process and helping them save thousands or even millions of dollars. These companies take the complexity out of the process, working directly with the auditors and carriers, giving time back to busy leaders that need it most. Businesses remain in control of their insurance process, but can leave the heavy lifting to an experienced third-party service that is ready to help take the business to the next level.
