We have a depth of experience in insurance and reinsurance underwriting auditing. LOGiQ3 can perform underwriting audits for any part of the life reinsurance chain, direct writer to retrocessionaire.
Working from your office or remotely, the primary objective of an underwriting audit is to identify factors in the underwriting approach that could adversely affect mortality or morbidity as well as identify inconsistencies in decisions by ensuring adherence to underwriting requirements, treaty parameters, internal underwriting guidelines and overall company's underwriting philosophy.
We take auditing to a different level and consider risk management at every step from new business to administration. Risk management starts from the time business enters the door of your organization. Our knowledgeable experts can analyze the process and data.
Is this Solution Right For You?
Not sure if you need help with your underwriting audits? If you are a direct writer or reinsurer and are currently experiencing some of these problems, we can help you.
- You have your own audit program but don't have a dedicated team of auditors to complete underwriting audits.
- You do not have a formal audit program nor an audit team to perform underwriting audits.
- Your staff is very inexperienced in conducting underwriting audits and require training in order to perform audits going forward.
- During peak times, you do not have access to you in-house audit expert to manage scheduled underwriting audits.
- You have seen an increase in APS requests or other elective requirements
- Feedback from clients or surveys indicate your decisions are too conservative or inconsistent.
- Your place ratio and/or premium income is decreasing.
- You have a budget for underwriting training and want to identify areas for targeted underwriting training.
- You've been conducting audits with your own internal staff and are looking for an independent review.
Read our real life client engagements below to illustrate the types of problems we have solved:
Problem: Due to internal obligations, a US reinsurer had no resources available to conduct a scheduled underwriting audit.
Solution: LOGiQ3 provided a team of underwriting and audit experts to conduct pre-audit underwriting case review, onsite process, controls, compliance and underwriting guidelines review and post-audit obligations.
Results: The client was delivered a draft audit report by LOGiQ3 which the client was able to modify and customize for appropriate distribution.
In additional to underwriting audits, we offer an array of underwriting services such as production underwriting, underwriting training, and underwriting best practice review. >> Learn more
Our Team of Auditors
Knowledge is experience! We have collectively over 80 years of auditing experience for dozens of companies, across all lines of business (older age & high net worth markets, Critical Illness, Life, Disability, Structured Settlements, Impaired Annuities, Group and Health), in 6 countries—that’s over 42,000 cases audited by our team of qualified experts!
The following are features to our underwriting audit:
- Case sample selection
- Appropriateness of risk assessment and classification of medical, financial, and non-medical risks
- Adherence to internal underwriting guidelines, treaty parameters, published underwriting requirements and special underwriting programs in place
- Substantiation of financial eligibility
- Suitability of further medical, financial, and non-medical requirements
- Adequacy of file documentation to support decisions made
- Proper referral to the medical department or co-signer
- Identify patterns of exception
- Trending and demographics charting
- Detailed report including case summaries
Additional services include:
- Underwriting Training and Mentoring
- Underwriting Audit Program Design
Our underwriting audits follow a three phased audit approach - pre-work, onsite, and post-work.
By allowing LOGiQ3 to assist with your underwriting audit needs, you will gain the following benefits:
- Access to Dedicated Underwriting Experts - Our team consist of auditors that have in-depth underwriting knowledge. We know the right questions to ask and understand the downstream impact of various functions as it relates to your 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 underwriting audits results in less disruption of your day to day operations because these is not time needed for your staff to be away from your office.
- Commitment to Meet Audit Timelines - we work towards a pre-determined set of timelines in a customized statement of work to ensure you meet your audit schedule.
- Independent Review - value of an independently conducted objective underwriting audit
Contact us today to schedule a time to talk about your underwriting audit plans.