LOGiQ3 approaches audits as having three distinct phases: pre-work, onsite, and post-work. Each phase has specific deliverables and milestones that must be achieved to ensure a quality end-product.
Working from a customized statement of work, LOGiQ3 will clearly describe the scope and primary responsibilities necessary to complete the key objectives of each audit. We send a request to you in advance of each audit to collect all pertinent audit related materials. We coordinate on your behalf, all client communications including engagement letter and request for completion of a pre-audit questionnaire. The questionnaire, used to gather basic information that will help drive the process forward will also be customized to specifically suit the primary objectives of each audit.
LOGiQ3 has a secure data hub that can be used to facilitate the provision of information, including data files and treaties for the audits. Data is appropriately segregated and requires specific individual credentials for access to post, retrieve, or view information stored on the hub.
For our detailed testing, we will track relevant items, exceptions noted, and any other pertinent commentary in a comprehensive report for your records. This report, along with all working papers and onsite discussions will be provided to you upon conclusion of each audit.
LOGiQ3 views the audit reports delivered as your property, therefore they are written in such a way that can be easily shared with any interested parties. With respect to recommendations arising from an audit, we can further be engaged to work with the insurance companies on any follow-up actions to be implemented.
We begin every audit - administrative, claims, or underwriting - with a phased approach. The below are the components of each phase: pre-work, onsite, and post-work.
- Scheduling of audit
- All pre-audit documentation, including pre-audit questionnaire
- Treaty review
- Sample selection
- Individual case premium calculation
- Inforce treaty compliance
- Onsite audit visit
- Individual case testing, including retention management
- Treaty compare/validation
- Process controls including administrative/underwriting/claims systems
- Treaty compliance exceptions review
- Monthly exception and management reports
- Opening/closing meeting
- Status report of unresolved audit issues
- Audit report of findings and recommendations
- Working papers
Let us help you with your upcoming audit plans, let's talk!