A few months ago you got a new EVP you now report to. On your desk is a rather large face amount claim. You have a meeting to attend because your Boss wants some answers. Calmly you open up the last quarter’s Underwriting audit report that provides qualitative and quantitative answers to questions like:
- What percentage of issues in (pick a year) were diabetics (or your largest cause of death claims)?
- Which staff underwrite the most (pick an impairment)?
- How do you maintain quality control and consistency?
A well designed audit performed by expert, experienced professionals will provide answers to questions like these and more.
Audits are the best tool in your toolkit to help you in managing the qualitative aspects of the process.
We have conducted audits for large insurance companies and law firms. Call us. We can help.
Depending upon your needs a life underwriting audit can include structured data mining to enable deeper drill down analytics to better understand your book of business. This is good stuff because you can’t manage what you don’t know.
Besides, the worst answer you can give your new Boss is “I don’t know.”