In recent years, audit have become essential to ensure the progress of service standards from which everyone can benefit. The analysis and detailed examination of the different phases of the business are important elements to the proper application of corporate procedures of most insurance brokers in Europe.
What we do
An audit is the investigative process that implements to analyze the value and condition of a company or a branch office.
In financial terms, an audit means analysis of all the information of the company. In particular, corporate and organizational structure, the activities carried out by it at the market, critical factors to business strategies, management and administrative procedures, economic and financial data as well as the tax and legal aspects.
What we offer
The Lloyd’s require that all Managing Agents maintain a consistent approach with all their Coverholder’s. In order to support and encourage the policy of the audits, the Lloyds work with the Managing Agent to prepare a document that contains a set of requirements, this document is called “Audit Scope”. The audit is performed in the Coverholder’s office by a qualified person (auditor), to evaluate the assessment of compliance with the terms and conditions of the Binding Authority, as well as the adequacy of business systems, governance and risk controls.
The audit covers all or some of the following areas:
- Corporate structure, ownership and financial capacity;
- Internal management – responsibility and relationships, alignment rules, standards in quality and training;
- Subscription operations – process, authorization and reporting;
- Premiums and Claims – internal accounting procedures, fiscal management, payments process, frequency and time recording;
- Claims management – process and authorization, reporting and management of claims;
- Control and financial management reporting;
- IT systems, back-ups procedure and Disaster Recovery Plan infrastructure.
MRC provides its clients with assistance in evaluating their insurance programs or administration process, through the review and evaluation of the third parties’ work, internal departments, litigation or other service providers.
To providing this service, MRC starts from the fundamental principle of satisfying the needs of its clients through the effective management of complaints. We focus on the interests of each client and offering solutions to problems related to our areas of expertise automobile physical damage, civil liability for car damages, liability in products area, properties’ and workers compensation with regard to the administrative field. MRC is able to perform any type of review request. Our goals are to establish the capacity claims management, identify areas for improvement, suggesting solutions in the presence of negative results, to implement action plans and identify trends and developments in the processes and procedures of the reserve or handling. We provide a full report on the results obtained from the audit and work alongside with our clients to implement appropriate solutions where is necessary.
“The audit analysis for the Underwriter is a key resource”.
The audit is not the only tool to perform an evaluation; but is a significant landmark for the line underwriters concerned. It is very difficult to manage the underwriters without considering the value/merit of their activities. The purpose of the service is to identify the key elements of the audit and to offer some reflections concerning each of them. There is no right or wrong answer to solve these problems, but is the way they are addressed, that depends on considerations external to the audit process itself.