When it comes to insurance, the processes involved may seem complex and confusing to many. In the past, insurance premium auditing was done directly by the carrier. However, this traditional method left room for error, costing people and businesses precious time, money, and resources due to poor estimations and premium leakage. Now, especially in the wake of the invention of AI, the landscape of insurance premium auditing has changed in several ways.
Insurance auditing now is handled directly by an auditor, who is a professional that is contracted by the insurance company. These professionals conduct a virtual, phone or email audit, reviewing records or who works or is contracted by the insurance company. These records include payroll, any cash disbursements, and other federal and state records that may be important to note. Based on the results of this audit, businesses will then receive their bill or credit.
Artificial intelligence has changed the auditing game, kickstarting several paradigm shifts and forever changing the way that auditors detect anomalies, predict trends and risks, and even uncover real-time changes in business operations. AI also helps to facilitate the flexibility of virtual audits, offering web-based portals and state of the art video conferencing opportunities.
Using these new tools, companies are quickly making services available to guide businesses through this paradigm shift in the world of insurance premium auditing. These third party services can help businesses save thousands or even millions of dollars, representing businesses of all shapes and sizes. Working with these companies can help to take the complexity out of the process and puts business owners in control of the process. With audit management, documentation support, data review, submission preparedness and alignment as just some of the services offered, there is no better time than now to get the support needed to thrive under this new auditing model.
