Insurance Premium Audit Services
Mindtree provides Premium Audit as a service offering to drive Underwriting efficiency wherein exposures are analysed & revised and pro-rated premium gets generated accordingly.
Underwriters would need a unified solution to have a holistic view of premium adjustments subject to audit requirements in order to evaluate exposures, select and revise exposures for casualty business segments or vehicle counts for commercial Auto lines of business.
This Premium audit transaction service for commercial insurers is offered to revise and manage to rerate the prior set of transaction based on the proposed changes. The service offering is aimed at auditing policies, where we can make sure that the business pays the correct premium. It caters to varied range of processes such as initiating Final Audit transactions and revise the rating procedure based on modifications on composite rating screens and allowing revisions so that the premiums are being ascertained as much that is to be owed. The offering enables underwriters, internal field executives and external audit agencies/stakeholders achieve better collaboration, process / data standardization, visibility and operational efficiency. The offering also caters to options such as reverting the Final Audit through Void Final Audit and also initiate out of sequence Audit via Revise Audit transactions which provides more underwriting control to process the policy premiums and avoid premium discrepancies.
Mindtree has provided Premium Audit services which has the following key features :
• A highly available CoTs System (Duck Creek) enabling Business Users to perform audit on any desired policy
• Configurable rules for LOB to perform audit functions:
For GL and WC policies, once exposures are revised and updated on the system pro-rated premium automatically is generated.
Commercial Auto, revises the count of vehicles and premium associated with those.
• Personal role based authorization for audit function
• Premium Adjustment by creating Receivable / Refund post Audit transaction processing through integration with Billing System
• Policy eligible for audit or not is decided during policy Inception stage itself.
• Revise final audit and Void final audit are the available transactions to correct or rollback Final Audit transaction.
The offering has enabled to realize the following benefits:
• Enabling compliance through charging correct premium to end users for Auditable Policies
• Automated platform enables carriers to complete the Policy audit transactions during entire policy life cycle through same PAS system and avoid execution in a siloed system outside of PAS System
• Improved efficiencies through mid term / end of the term audit execution enables streamlined underwriting processing
• Enable UW to revise critical and changable factors of business operations of Insured
• Audit process has also been designed as a service that enables external Partner Companies to utilize same functionality through different front end.
• seamless end-to-end workflow has made business process very efficient – directly translating to much lower operational costs.