Frequently Asked Questions
What is a Premium Audit?
A Premium Audit is a systematic inspection of an insured, their operations, financial records, and books of account to determine the actual earned premium for insurance coverage provided during the policy term. It's important that the insurance carrier maintains accurate information concerning business operations, as well as financial data to the risk's line of coverage. This ensures that the premium calculated is reflective of the line of insurance coverage being provided.
What is the premium audit process?
A premium audit is conducted to confirm business operations and to determine if the actual basis of premium is in line with policy estimates. During the process of conducting an audit, an OSI field representative will visit the insured's business to review records and operations. The goal of performing the premium audit is to ensure that the insurance premium accurately represents the proper risk exposure.
What type of training do OSI audit professionals complete?
OSI has developed an exclusive comprehensive training which combines online training in a virtual environment with classroom education and field mentoring for every new employee. Our training program was created by our own in-house experts to sharpen the technical skills of every OSI field representative. During the training period, every new employee is matched with a mentor to learn valuable hands-on skills. This allows the new employee with a safe environment to apply their knowledge while learning new techniques and concepts as best practices that are passed from expert to novice. OSI has also partnered with Colorado Technical University, one of the largest online educators, to offer online APA courses and a Business degree plan specific to Insurance Premium Auditing to employees at a discounted tuition rate.
How does OSI maintain high standards of quality?
Quality is our central focus. We have established a quality assurance program to ensure a high level of quality for our customers. Our program is led by our Senior Vice President of Quality Assurance who has more than 20 years of industry experience. Every report is reviewed by the appropriate branch before final processing and billing. Quality is also monitored by Regional Quality Executives to ensure that local reviewers are maintaining the level of quality OSI expects to deliver to its customers.
What is included in a completed audit report?
A completed premium audit contains a thorough description of the insured's operations which will substantiate the classification assigned to the risk. Classifications are also recommended if the business appears to be classed incorrectly. The audit worksheets provide a complete audit trail beginning with gross figures audited, a verification of these totals, and a detail of all adjustments to the gross total. The audit will provide an end audited exposure that has considered all manual and state-specific rules applicable to the line of coverage being audited. Large variances between the estimated exposure and the actual are explained in specific notice to the underwriter. All auditor worksheets are included in the completed report as well as additional information scanned by the OSI field representative.
Can I order and access my work online?
Yes. Customers can order and track their work online with the click of a mouse on our website. The website offers you immediate, convenient access to your account information. Completed audit reports are available online or in various delivery methods regardless of how your work is order. Final audit reports are archived in our system for 27 months after completion.
Thank you for taking the time to learn more about Overland Solutions, Inc. Premium Audit Services