We can audit on behalf of any party in the reinsurance service chain - direct writer, reinsurer or retrocessionaire and across all operational functions - treaty, underwriting, administration, and claims. LOGiQ3 does not perform contingency based audits. Therefore, fees for audit services are pre-determined on a per-diem plus expenses basis. Our audits follow a three phased audit approach. pre-work, onsite, and post-work.
Whether you require the completion of a traditional audit (point in time analysis of how the business is performing); investigating a known or specific issue; looking to perform due diligence on a proposed block of business or new client; a deal validation (analysis of how original pricing structure compares to actual business); or audit training and mentioring; we have a solution for you.
We have designed our own administrative operational audit program to ensure compliance and adherence to treaty terms. The adminstration component of our operational audit program includes treaty review, premium calculation testing, treaty compliance, data integrity testing, and more.
We have a well-defined claims audit program suitable for most companies or we can customize a claims audit program to meet your needs and clients. Our program is designed to include a process reivew of the overall claims function from the reporting of claims, claims adjudication, verification of amounts ceded and deducted, to calculation of applicable interest, expenses, and adjustments.
Our underwriting audits are performed by experienced underwriters and designed to ensure compliance and adherence to your underwriting manual and treaty guidelines. In addition, we conduct a thorough review of underwriting procedures and controls, including risk assessment and administration - from new business to policy issue. We have designed our own underwriting audit program to perform various underwriting audits.