Guiding Businesses Through the New Era of Insurance Premium Auditing

Traditionally, insurance premium auditing is done by the carriers themselves. However, this process is very error-prone. The cost is high for incorrectly estimating insurance needs. In fact, 25-50% of business owners with insurance policies may have been overcharged at some point during their auditing processes. Additionally, premium leakage is an issue, especially when dealing with workers’ compensation costs in the United States. Due to these shortcomings, the world of premium insurance auditing has changed in recent years, taking advantage of technological advancements.

With the help of artificial intelligence, premium auditing is now handled by an auditor that is contracted by an insurance company. This person performs the audits, handles important paperwork, issues reports and statements, and determines bills and credits. AI is an important tool to this new age in auditing, leading to several paradigm shifts, more flexibility in visitation options, and even an increase in our predictive analysis abilities.

Using these independent auditors and artificial intelligence, there are several services that are now available to help businesses through the auditing process. Through these third-party services, businesses can save up to millions of dollars and can be alleviated of the complexity that comes with the process. With the auditing process and communication with the carriers handled, leaders can dedicate more time to growing their business.