How to Conduct a Self-Audit
16 Pages
English

How to Conduct a Self-Audit

-

Downloading requires you to have access to the YouScribe library
Learn all about the services we offer

Description

Michigan Associationof Insurance Agents MAIA/IIABAProfessional Liability Agency Self-Audit KitBecause what you don’t know can hurt youTable 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 ...

Subjects

Informations

Published by
Reads 38
Language English
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
                 
1
2
3
4
5
6
7
8
9