In the past, insurance premium auditing has caused problems for businesses. Audits were typically conducted by the insurance carrier, and final premiums were often incorrect, leading to unnecessary charges for the business.
In fact, 25-50% of business owners with insurance policies may have been overcharged during the auditing process. Additionally, annual workers comp premium cost in the United States is between $55 and $60 billion, with about 10-20% of premiums lost to leakage.
However, new auditing methods are appearing and can help reduce excess costs. AI is becoming a player in insurance premium auditing, creating more flexibility and accuracy.
Some companies, like AdvoQates, are paving the way for the future of auditing. AdvoQates acts as the point of contact with the auditor, which streamlines communication. They also help gather necessary documents before conducting a thorough data review, reducing errors.
Now, there are auditing options that help businesses save money in the auditing process. New processes can also simplify the process, boosting efficiency for the company.
infographic by: www.advoqates.com
