ReSource Pro has introduced Premium Audit Complete, a solution aimed at streamlining the premium audit process for insurance carriers and managing general agents (MGAs).
The solution integrates the expertise of Lowry & Associates, a premium auditing firm acquired by ReSource Pro in 2024, with the company’s technology and operational capabilities.
Premium Audit Complete offers a fully integrated service designed to help carriers and MGAs optimize premium collection, improve operational efficiency, and maintain compliance with industry regulations.
According to ReSource Pro, the solution aligns premiums with actual risks to ensure accuracy in underwriting and policyholder billing.
Ernie Feirer (pictured above), senior vice president of carrier practice at ReSource Pro, said that the solution enables carriers and MGAs.
“Premium Audit Complete empowers carriers and MGAs to validate exposures, maintain compliance and deliver exceptional service to their policyholders in a very competitive market,” Feirer said.
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The solution includes comprehensive audit services that allow carriers and MGAs to conduct voluntary, phone, onsite, and virtual audits. These audits assess policyholder financial data such as payroll, sales, and classification codes.
ReSource Pro also offers downstream processing capabilities, handling audit endorsements, quality assurance, and carrier system integration to reduce administrative delays.
Premium Audit Complete is designed to improve efficiency by addressing backlogs and expediting audit processing. ReSource Pro notes that the service maintains compliance with industry regulations and supports trust between carriers and policyholders by providing accurate audit results.
The solution is scalable for carriers of various sizes and leverages business process management technology to adapt to different operational requirements.
The launch comes amid rising concerns over premium leakage and misclassification, which cost insurers billions annually. Verisk estimates that inaccurate exposure assessments and classification errors result in $4.5 billion in lost premiums each year.
ReSource Pro said that Premium Audit Complete is positioned to help carriers mitigate these financial risks and improve premium accuracy across their portfolios.
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