Working from a well-designed, detailed audit program, LOGiQ3 has performed various reinsurance administrative audits.
The administrative component of LOGiQ3's operational audit program includes preliminary planning and pre-work, sample selection, treaty review, premium calculation testing, data integrity and treaty compliance, on-site process and controls review, retention management, administrative systems review and a summarized report of findings and recommendations. We will not only identify the weaknesses, but also provide confirmed findings and any associated financial impact.
If you do not have an administrative audit program in place, we can help in developing a program suited for you and your business. Additionally, we can provide administrative audit training to your staff or new hires.
Is this Solution Right For You?
If the following scenarios describe your current state, we can help conduct your administrative audits:
- You have your own audit program but don't have a dedicated team of auditors to complete planned administrative audits
- You do not have a formal audit program nor an audit team to perform administrative audits
- Your staff is very inexperienced in conducting administrative audits and require training in order to perform audits going forward
- During peak times, you do not have access to your in-house audit expert to manage scheduled audits and coordinate with clients on audit efforts
Read our real life client engagements below to illustrate the types of problems we have solved:
Problem: Due to internal obligations, a large US reinsurer was unable to free up internal resources to complete on-site client audit obligations.
Solution: LOGiQ3 provided client with a full audit team to perform all work (testing, sample selection, on-site audit, and audit report delivery) associated with the audits using our in-house audit program.
Results: The client was able to meet all audit commitments and received a written audit report from LOGiQ3 to be shared with their clients and internal stakeholders. A status report of unresolved audit issues was also delivered to resolve any exceptions found during onsite visits.
Problem: A US reinsurer had recently hired staff that had limited to no on-site audit knowledge, coupled with an immature and unproven on-site audit program.
Solution: LOGiQ3 conducted audit training sessions at the client's office on administrative audit best practices and assisted in improving the existing audit program. We continued to mentor the team during the on-site audit.
Results: The client's team was trained and well equipped to conduct administrative audits, from initial communication with the clients through to audit report delivery.
Download our comprehensive list of sample audit engagements to learn more about our audit services.
The following are features to our administrative audits:
- Sample selection for individual case testing
- Treaty review
- Premium calculation testing - recalculation of premiums and allowances and verifying amounts were paid to the current renewal date
- Data Integrity
- Treaty compliance - tests on the entire inforce data file for the treaty(s) under review
- Review conversions and changes
- Review of administrative process and controls
- Retention management
- Administrative systems review (as it pertains to treaty)
Additional audit services available:
- Administrative Audit Training and Mentoring
- Administrative Audit Program Design
If you're interested to learn more about how we can help you achieve your audit goals, please contact us to set up a free consultation
By allowing LOGiQ3 to assist with your administrative audit needs, you will gain the following benefits:
- Access to Dedicated Reinsurance Experts - Our team of auditors have in-depth reinsurance knowledge. We know the right questions to ask and understand the downstream impact of various functions as it relates to your reinsurance business.
- Reduction in Time - Our average delivery time for a complete audit report is three weeks from the time of the onsite audit.
- Reduce Disruption of Day to Day Operations - Engaging us to help with your administrative audits results in less disruption of your day to day operations as your staff need not to be away from your office.
- Commitment to Meet Audit Timelines - we work towards your timelines from a customized statement of work to ensure you meet your audit schedule.
Contact us today to schedule a time to talk about your administrative audit plans.