Insurance and Audit Services
The NICExperts’ focus is to shift the perception of animosity that audits carry. We encourage clear and concise communication; ensure scope of work matches required outcomes; and engage in open discussions around findings to generate resolutions. As a team who assists with third-party relationships, we want our team to be your team. Addressing difficult questions and tough messages is common for us. With continuous improvement as a common goal, we want to help strengthen relationships. Our specialists relate to all levels of the organization and our value is the unique talents and technical expertise our team of specialists bring:
- In-depth understanding of insurance markets and processes.
- Triage needs in order to design programs tailored for your organization.
- Thorough identification of key risk exposures and inefficiencies.
- Measurement of strengths and weaknesses to drive effective cost-efficient change.
- Creation of alternate solutions with innovative thinking.
- Technical expertise in various disciplines, specialties & languages.
- Independent and objective advice and perspective at all levels of the organization.
Peer Review and Agency Audits
Our specialists help design, implement, train, and carry out internal underwriting and claims audits or delegated authority audits, either independently or as partners of internal audit teams. It is our opinion the most successful peer review programs encourage open communication where all parties consider audits to be an opportunity to learn and teach. Agency and Third-Party Administrator (TPA) Audits often incorporate various other audit services such as:
- Compliance Review
- Underwriting & Claims Technical File Audits & Analysis
- Bordereaux & Reporting Reviews
- Operational Reviews
We tailor audit requirements to meet our client’s specific needs and bring regional knowledge and expertise to each engagement. With thousands of audits under our belts, we may already be familiar your firm or agency. Our team helps bridge potential gaps to encourage effective communication and suggest improvements which combine compliance and efficiency.
Agency Compliance Reviews
Compliance audits can get complicated especially when Agencies have multiple locations across which regulatory, legal, tax and market regulations vary. NICExperts can arrange remote and/or on-site visits to ensure operations meet expectations. We do not just tick boxes– our network of specialists includes licensed individuals to give you the inside track and direct access to understanding regulatory exposures arising from delegated authority business.
Underwriting & Claims / TPA Technical Audits
Our specialists are subject-matter experts in multiple fields and disciplines. Underwriting, claims, and TPA audits span a diverse range of portfolios. We offer either standard or tailored scopes of work which can include a multi-disciplinary approach to tools, wordings or staff. Technical and operational strengths and weaknesses are identified to determine problematic patterns against opportunities and threats. We focus on fixing the root cause and not just symptoms but more importantly, we start the dialogue between you and your client to understand circumstances, resolutions, and likely outcomes of proposed recommendations.
Bordereaux & Reporting Reviews
Companies with delegated authority may want to focus on specific areas such as premium funds tracking, aggregate exposures, or claims fund management. When using on-line systems, there may be a need to test programmed parameters before going live, or on a continuous basis each time a programming change is made. We can design an audit program to address specific needs.
The status quo may currently be the right solution but looking forward this may not always be the case.
We are the team for those:
- Going in a new direction
- Acquiring additional staff
- Considering new systems or procedures, markets or products
- Looking to implement best practices, standardizing policies and procedures
- Implementing master/certificate programs
Our team has decades of experience working for and consulting with reinsurers, insurers, MGAs, and brokerages of all sizes across North America, which allows us to bring a fresh viewpoint to the table. We help prioritize and focus internal ideas and can inject external ideas. Not only have we seen what works well in insurance offices but more importantly, we know what does not work. Let us share that knowledge!
Pre-Agency, Due Diligence & Run-Off Reviews
Our clients may delegate authority in multiple ways, and it is our belief that time, money and effort are saved in the long run when Agencies & TPAs understand future audit needs before they begin.
These customized audits focus on readiness to take on delegated authority, due diligence related to mergers and acquisitions, or focus on the ability to manage risk during a run-off period.
Our specialists are subject-matter insurance experts in multiple fields and disciplines spanning a diverse range of portfolios. A standard or tailored scope of work can include a multi-disciplinary approach to assess technical and operational strengths and weaknesses with an aim to identifying problematic patterns attributable to each party to the action. Standardized reports provide fact-based opinions measured against relevant and appropriate professional, regulatory and industry standards to provide a court-ready, thorough assessment of circumstances.
Custom Consulting Services
We help our clients be their best by:
- Providing an impartial or expert opinion, or specialized experience to move a project along.
- Closing knowledge gaps arising from new systems or processes, or even the loss of a key employee
Our network of independent insurance specialists provides a wealth of experience at your fingertips, removing the need to recruit, hire, or add permanent staff to get you over the hump. We fill the gaps.