The process of premium insurance auditing has gone through many changes in recent years. Namely, the rise of AI has caused an evolution of insurance premium auditing to adapt better to our everyday operations. For example, previously, insurance premium auditing was done by the carrier. Now, auditing experts have taken charge of the process, determining estimates, credits, and bills for businesses around the world.
This new process has presented several benefits to businesses big and small. First, streamlining this process has helped to cut down on premium leakage and errors. The integration of AI has also allowed for greater flexibility in meetings. Now auditors can meet virtually or through email or phone calls with their clients. AI also helps auditors to detect anomalies in data and predict potential risks, impacts, or trends. Auditors can also improve evidence-based classification with AI, as well as uncover real-time changes and increase data accuracy and reliability.
With new technology and programs available to perform insurance auditing, there is a reduced likelihood of inaccuracies and greater support for businesses looking to reach the next level. These third party organizations allow businesses to take control of their auditing process, guiding them through necessary documentation and other steps to ensure a smooth premium auditing experience.
