Auditing & Review
Independent and accurate quantification of performance and compliance
Specialist Audit services for General Insurance, Reinsurance, London Market and European claims functions.
We provide a wide variety of audit services, looking at process adherence, reserving, technical decision making, leakage and run off management.
- 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
- Credit Hire Protocol Audit and Review – Motor claims functions – the opportunity to save cost exists in your approach to Credit Hire.
- 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.
- Business Continuity Plan (BCP) – contributing business expertise, market knowledge and an independent eye to claims function Business Continuity Plans. We give commentary on the performance, feedback from handlers, managers and service providers, along with a full suite of recommendations for improvement – with quantification.
Market Claims Handling Performance Benchmarks – In addition to providing insight into our client’s own performance, our extensive database of audits enables us to show how that performance measures up against other, similar, claims businesses.
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.
SX3 Audit & Review Contact:
+44 (0)7579 210122