The world of premium insurance auditing has changed dramatically in recent years. Previously, insurance premium auditing was done by the carrier. This would then result in an estimation that determined how much funding one would owe or receive. However, now, insurance premium auditing is done through an auditor that is contracted by an insurance company. These audits are then performed virtually, over the phone, or through email audit. These auditors review extensive records of who works or is contracted by each insurance company, including payroll data, cash disbursements, tax records, cash receipts, and certificates of insurance. The bill or credit is then issued based on the result of that audit.
Because of these changes, there has been a significant rise in AI use in insurance premium auditing. This software helps auditors detect anomalies, predict trends, increase accuracy and reliability, and even uncover shifts in the business in real time. It also makes appointment mediums more flexible with phone calls or web-based portals and can reduce the likelihood of inaccuracies or expensive mistakes. Fortunately, several services are offering the most up to date auditing services, helping businesses to save thousands to even millions of dollars while simplifying this important process.
