When a business needs help with insurance premiums, it is only logical to hire an insurance premium expert. However, in the past, insurance premium auditing was done by the carrier. This led to incorrect estimations of insurance needs, with up to 50% of owners being overcharged. This practice also leads to premium leakage, demonstrating the urgent need for change in the industry. Fortunately, especially with the rise of AI, the world of insurance premium auditing has changed dramatically in recent years.
Under the new model, businesses are contacted by an auditor who is contracted to work by the insurance companies. This professional takes care of important paperwork and other operations, using AI as a tool to streamline the process. The use of artificial intelligence in premium auditing has led to a decrease in errors, better predictive capabilities, and more flexibility in visiting options. Auditors can now meet with their clients through video conferences, over the phone, or web-based portals.
Organizations are working to represent and guide businesses through this process. With their assistance, businesses can take control of their own path without having to handle everything alone. These third party companies handle the entire auditing process directly with the carrier, giving time back to busy professionals where they need it the most.
