Insurance 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 & Agency Audits
Our specialists help design, implement, train, and carry out internal agency or delegated authority audits either independently or as partners of the agency’s own team. It is our opinion the most successful peer review programs are carried out regularly and encourage open communication to focus training and development opportunities for MGUs, MGAs, Wholesalers, Agents, Brokers, and Third-Party Administrators (TPAs). Agency audits often incorporate various other audit services such as:
- Agency/Brokerage Technical File Audits & Analysis
- Delegated Authority Technical File Audits & Analysis
- Operational Reviews
- Compliance Review
- Bordereaux & Reporting Reviews
We tailor audit requirements to meet our client’s specific needs and bring regional knowledge and expertise to each engagement. Our team helps bridge potential gaps to encourage effective communication and suggest improvements which combine compliance and efficiency.
Navigating Delegated Authority
Our clients may hold the pen for domestic and international insurers which results in multiple and sometimes conflicting requirements. With a tailored approach, our specialists set agencies up for success by balancing existing operations against new contractual requirements.
It is our belief that proper planning saves time, money and effort in the long run. If there are challenges in a relationship, we can help navigate recommendations to address all partner needs.
Operational & Enterprise Risk Management Reviews
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 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!
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 from new systems or processes or even the loss of a key staff member
- Designing and implementing tailored training and development programs and seminars
- Assisting with product reviews by comparing wordings, contracts, and leases
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.
