Commonly Asked Questions & Answers
What is AuditRate and What Can I Expect ?
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.
How are premium refunds obtained ?
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.
What is your contingency fee agreement ?
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.
Do you advise if coverage is wrong ?
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.
How much time will this require ?
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.
Other commonly asked questions & answers
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.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.
