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What is an insurance Premium audit?

The primary purpose of a premium audit is to calculate your final premium. When your policy was issued, the premium was an estimate of an exposure basis (usually payroll or sales) multiplied by a rate. The rate used is determined by how the exposure base is classified. The audit will examine your records to establish the actual exposure basis and make sure that the correct classification codes and rates are used in determining your final premium. Because the original premium was an estimate, the audit will most likely result in a change of premium and/or classifications for your business. Premium audits are commonly performed on General Liability, Auto and Workers Compensation policies. By auditing these policies, we can make sure that your business pays the correct premium. Typically, information from the audit will generate either a bill or a refund. In addition, the premium audit can provide valuable information about your business operations. You will be contacted about completing a premium audit after the policy expires or is canceled. The audit process is designed as a service to you that guarantees you only pay the premium that you owe. 

 

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Standard information Requested at Time of Audit

Listed below is typical information an auditor may request at the time of audit. If there are multiple companies or multiple entities insured under one policy, the auditor will request this information for each company or entity. General Information Description of company operations• Officers/owners names and titles• Employee names and job duties• Number of employees at each location• Names of subcontractors and certificates of insurance for subcontractors• Payroll Records Gross pay including, but not limited to: bonuses, commissions, holiday pay, • sick pay, overtime pay, vacation pay and all pretax amounts Pretax/Section 125 amounts/401(k) amounts• Overtime pay shown separately • Subcontractor Information General ledger, cash disbursements book and checkbook register • Tax Documents to Verify Payroll/Sales Records and Federal ID Number 941, 940, 1099, W-2, W-3, income tax return, etc.• Sales Gross sales for each type of service provided/work performed by location• Profit and loss statement• General ledger

 

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Insurance Reconciliation Administration

Employers lose hundreds and thousands of dollars each year due to overpayment of premiums to insurance carriers. Why? Premium management and reconciliation are time-consuming and confusing, plus they typically have to take a back seat to the more pressing daily issues facing employers.

The premium reconciliation services from Analytics and Recovery  will help you save money! Our premium reconciliation service includes everything you need to ensure that your premiums are paid correctly and on time. Medical, dental, life, disability, and ancillary products—we’ll make sure each invoice covers only those employees and dependents who are currently participating (and that all eligible employees are included). Plus, no more communicating additions, changes, and terminations to your carriers: Analytics and Recovery  does it for you!

And, you can forget about reconciling payroll deductions to the premium invoice and reconciling the general ledger to the insurance-related accounts. Analytics and Recovery  will communicate any exceptions and changes to your accounting department. Say goodbye to unnecessary overhead costs and hello to Analytics and Recovery !

 

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Understanding your Premium Audit

Society Insurance Definition