Auditing & Review
Independent and accurate quantification of performance and compliance
SX3 Auditing and Reserve Review service incorporates the following::
- Claims handling arrangements – Technical and compliance auditing of TPAs, Coverholders, Solicitors, Third Party protocol arrangements, Reinsurance programs, Supply Chain
- Compliance – Regulatory, legislatory, process adherence, SLAs & KPIs, Risk Management, GDPR
- Leakage – Full and objective quantification of indemnity spend leakage, including leakage rate, frequency, breakdown of hard and soft leakage, weighting, and root cause analysis.
- Lloyd’s claims suppliers – Delegated authority TPA and Coverholder audits. We are an approved auditor on AIMS.
- Reserving – Accuracy, adequacy, timeliness, compliance with (and suitability of) reserving philosophies, dormant claims, closure rules, reopened claims, IBNR
- GDPR – A comprehensive assurance programme assessing your suppliers’ performance against each and every GDPR Article, giving you the confidence you need to know your interests and those of your customers are fully protected.
We provide a wide variety of audit services, looking at process adherence, reserving, technical decision making, leakage and run off management. We give commentary on the performance, comparisons against market leading practices, feedback from handlers, managers and service providers, along with a full suite of recommendations for improvement – with quantification.
We have strong expertise in auditing reserving performance, looking at adherence to company philosophies, timing of changes, and accuracy through the lifetime of the claim. We can also look at dormant file management approaches, quantify the degree of reserve redundancy, and review closed files for the risk of reopening.
+44 (0)7801 684 335