Policy Checking is a process wherein a renewed policy is checked to guarantee that it matches against the proposal/prior term policy that was generated before renewal.
If any variance exists these are noted by the Brokers to avoid any potential Errors & Omissions claims that may arise later. Policy checking helps in identifying issues and gaps in the coverage so as to reduce the E&Os.
Despite being a critical insurance Brokers and agents, quality of checks suffer because of business pressures, human errors and multi-tasks resources are addressing to. Hence from a mandatory comprehensive process policy checking ends up as a cursory activity. Players may not have invested in standardized procedures for policy checking leading to variations and human errors. For instance, an agency moving one of its accounts from company A to company B, may not have considered the existing policy coverage. In the likely event of any claims emerging, there could be a potential loss occurring because of the costly omit. It is also possible that customer is issued duplicate coverage.
Hence it becomes imperative that whenever a policy is received from another carrier, it needs to be reviewed comprehensively to ensure that all things are in order. While the policy should be reviewed based on what the proposal stated, it is critical that a comparison to the policy it is replacing be done.
At Exdion, we follow a unique approach to streamline insurance checks and accelerate the complete process. We have AINS and CPCU certified team members who are experts in property & Casualty Insurance. We are Proficient in checking insurance policies for precision. As part of our offerings, our specialized team detects omitted information or discrepancies in the policies and highlights the variances in a checklist. Apart from basic policy checking, we have skilled team members who perform detailed coverage checking which could take away substantial time from Brokers. We can help brokers invest the time and resources efficiently and effectively in their core operations.
Exdion supports Carriers, Brokers, MGA’s and Program Managers all the way from application processing to issuance. We have a full policy review team who do a thorough check before the policy is prepared and sent to customers.
Policy Checking Services by Exdion:
- Review of customer documents, checking missing details
- Verify vital details like Premium, Limits, Deductibles, Forms& Exclusions
- Identify discrepancies and Fill variances in the checklist
- Expanded Coverage checking – Specialized team to verify the Policy information, terms & conditions.