The AuditRate Cost Reduction Audit is an in-depth review of current and expired insurance premiums. We analyze your rates, classifications, audits, premium adjustments, experience rating factors, and other factors which affect the premiums you pay. This service provides you with an added tool in the administration of your commercial insurance program.
Since 1966, our experience proves that premium calculation errors are quite common and cost insurance buyers a surprisingly large amount of money. Errors occur because your premiums are calculated according to complex rules and procedures that are beyond the expertise of most agents, insurance company personnel and insurance buyers. No one in the ordinary cycle of insurance renewals has the depth of knowledge to challenge the accuracy of the calculations. AuditRate assures you that your premiums have been calculated correctly.
When AuditRate uncovers a premium overcharge, we administer the process of correcting the error, causing the overcharge to be refunded to you. Since we "speak the language," we can guide your refund through the various bureaus and insurance company departments in an efficient manner until final resolution.
Our fee (50 % of savings) is strictly contingent upon your receiving a refund. We are paid only if you obtain a refund, and only after you receive the money. If you receive no refund, we collect no fee. A side benefit of our work is that it serves to reduce your future insurance costs for years to come.
No audit of your insurance program is complete without a coverage analysis. No matter how large a refund we may obtain for you, if your insurance does not perform as intended, you do not have an economical insurance program. AuditRate will point out errors and / or inefficiencies that may reduce your claim recovery. This service is performed at no charge.
We know that your time is valuable. Over the years we have streamlined our expert work process to involve as little of your time as possible. We can gather all the information needed for a cost reduction audit in two (2) one hour meetings at your office. We then perform a detailed analysis of this information at our office. Indeed, the short amount of time you spend with us will be a prudent investment for your company.
1. Does AuditRate save enough money to make it worth my time?
While we cannot guarantee you a refund, we save our Clients significant amounts of money in over 40% of the assignments we accept, thus recovering cumulatively over $23,000,000.
2. Why do we need AuditRate if our insurance is "quoted" frequently?
The bidding process puts pressure on agents to prepare quotes on an "apples-to-apples" basis, ignoring whether the original "apples" were really appropriate. AuditRate will determine whether your proposal was based on correct assumptions. We also check for technical, clerical, and mathematical errors - all of which are not affected by the bidding process.
3. What if errors are found that could actually cost us additional premium dollars?
Our job is to tell you if your premiums were calculated in accordance with the rules and procedures set out to govern that work. If we find you were undercharged ... we tell you ... In this way you are assured that no such problems with unanticipated premium increases will arise.
Vice President, AuditRate Division