Insurance premium auditing is a process that has undergone some recent changes, especially following the introduction of artificial intelligence technology to the industry. In the past, insurance premium auditing was done by the carrier. However, now, it is handled through contracted auditors working with businesses directly to ensure the most streamlined and up-to-date auditing process. This service deals with estimations and determining both credits and bills where necessary.
There are several benefits to this new auditing process, driven by AI to reduce error and increase flexibility within the process. First, AI-backed auditing helps to decrease the likelihood of businesses being overcharged and can reduce money lost to premium leakage. Artificial intelligence can also help to detect anomalies and uncover real-time changes. It can even boost data accuracy and reliability. On the client side, AI can facilitate more flexible visits with business representatives over video conference, web-based portals, phone calls, or automated paper mailings.
Companies guiding this new insurance premium auditing process offer hands-off guidance to businesses, allowing each enterprise to take charge of its auditing process. These programs are designed to ensure fairness, compliance, and savings, facilitating the relationship with the carrier and alleviating this stress off the business.
