Ensure Your Insurance Policies and Plans Are Optimized

An insurance audit ensures that your business is paying the right premium, has adequate coverage through various policies, and that all necessary clauses are included in the policy document for your portfolio.

What is an Insurance Audit?

An insurance audit is a specialized process in the insurance sector. It involves a thorough review of your business operations, records, and accounts to identify actual risk exposures, assess risk classifications, and evaluate the coverage provided.

A well-executed insurance audit can benefit your company by:

  • Ensuring comprehensive coverage.
  • Identifying cost-saving opportunities.
  • Simplifying processes to save time and money.

This proactive approach ensures that your business is fully prepared for any unforeseen events.

Who Conducts the Audit?

At PrishaPolicy, insurance audits are conducted by a team of qualified and experienced auditors. The auditor may either be a PrishaPolicy employee or an independent professional. To ensure complete transparency, we provide all necessary details about the assigned auditor in advance.

Benefits of an Insurance Audit

Structured and Technology-Driven Process:

Ensures audits are conducted efficiently and accurately.

Assessment of Adequate Sum Insured:

Avoids issues of underinsurance or overinsurance.

Optimization of Insurance Premiums:

Identifies the most cost-effective premiums for your policies.

Detection and Prevention of Fraud or Misselling:

Safeguards your business from potential financial risks.

Premium Optimization:

Ensures you pay only for the coverage you need, avoiding unnecessary costs.

Procedure for Insurance Audit

To ensure a smooth and efficient audit, it’s important to gather all necessary information in advance. At PrishaPolicy, we provide clients with a detailed letter outlining the requirements before the audit begins. This helps the client guide the auditor through the workplace, respond to questions, and supply the necessary documents while staying fully informed about the process.

Documents Typically Required:

  1. Description of company operations.
  2. Names and titles of owners and stakeholders.
  3. List of directors and any external companies where the same directors hold positions.
  4. Employee names and job roles.
  5. Names of subcontractors and vendors involved in the operations.
  6. Locations where the company operates.
  7. Fixed Assets Register with location-specific details.
  8. Copies of all current insurance policies.
  9. Copy of the balance sheet and its annexures.

By reviewing these documents, we:

  • Understand the nature of the business.
  • Identify risks and assign the appropriate risk classification code.
  • Determine the adequate sum insured.
  • Evaluate existing policies and recommend suitable add-ons or coverages.

This comprehensive process allows us to form a well-informed opinion and present a detailed report with actionable insights.