After numerous discussions with other insurance auditors over the years, it was clear that there was a need for a comprehensive guide to help new auditors trying to perform their jobs and also help experienced auditors performing reviews in areas they had not previously audited. I have leveraged my experience as an underwriter, claim adjuster, and auditor as well as interactions with auditors at various insurance companies to incorporate best practices to write this book. --Seth Davis
Insuring valuables, commercial or personal, has become a $750 billion per year industry in the United States alone. Insurance companies, unlike traditional manufacturing companies, often don`t realize the true costs of their products when sold. Insurance comapnies rely on actuarial estimates to determine expected claim costs. When you consider the vast array of complex products, each one has unique underwriting and claim considerations that auditors should be aware of in order to mitigate risks.
Risky Business provides readers with an overview of the P&C industry and takes a closer look at background information on departments generally found in insurance companies. The book is intended to help insurance auditors effectively add value within an insurance company by helping it manage the risks and maintain compliance with laws and regulations. At the conclusion of various chapters, readers will find a helpful tool to develop an audit program.
