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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 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 • Externally • Scheduling process • Onsite processes • Quality Review • Return to Underwriting or Processing
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 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 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 • 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 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 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 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 • 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 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 Collections Open Forum
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