How to Conduct a Self-Audit

Jennifer

Informations

• Publié par: Inke
• Nombre de lectures: 38
• Langue: English

Extrait

Michigan Association of Insurance Agents

   MAIA/IIABA Professional Liability      Agency    Self-Audit Kit

Because what you dont know can hurt you

Table of Contents

      How to Conduct a Self Audit…………………………………………………… 1   Cancellation & Non-Renewal Self-Audit……………………………………… 2   Certificates Self-Audit………………………………………………………...... 3   Claims Self-Audit……………………………………………………………….. 4   Marketing & Selling Self-Audit………………………………………………… 5-6   New Business Self-Audit………………………………………………………. 7-8   Policy Audit Self-Audit………………………………………………………….. 9   Policy Changes Self-Audit……………………………………………………… 10   Renewal Self-Audit……………………………………………………………… 11   Surplus Lines & Non-Standard Markets Self Audit………………….………. 12   Technology Self-Audit………………………………………………………….. 13-14  

Copyright © 2001 Independent Insurance Agents of America

                  

How to Conduct a Self-Audit

    One of the most valuable E&O loss prevention tools an agency has is the self-audit. Attached are forms to help you establish a self-audit procedure. These forms should assist you in performing regular quality control reviews of your internal agency operations.   In addition, use of the self-audit forms will allow you to focus your efforts on those areas most in need of improvement. A regular review of agency policies and procedures will also demonstrate to your E&O carrier that you are serious about loss prevention.   The most important thing to remember when conducting a self-audit is to be honest in evaluating how the agency is doing in each of the various areas of its operations. It is a good idea to have owners, managers, and staff members each complete the self-audit forms and then compare answers. Serious E&O exposures may sometimes be obvious to staff members who are actively involved in day-to-day activities, but less obvious to owners and managers who are more removed from the operational side of the business.   The self-audit consists of four important steps:   √   Step One:  Complete the self-audit forms.   √   Step Two:  Prepare an action plan based on the items with the lowest scores.   √   Step Three:  Review all current written policies and procedures and update them as necessary.   √   Step Four:  Conduct random, periodic reviews of client files to check for adherence to policies and procedures.   Without a regular review of your internal procedures, inconsistencies will develop that can lead to an E&O claim. You can take the lead in performing the self-audit. In addition to lowering E&O exposures, such a review will also improve your customer service, allow you to recognize cross-selling opportunities, and increase your revenue by eliminating gaps in the client’s insurance program.                             

Copyright © 2001 Independent Insurance Agents of America

                  

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