February 1, 2023 – Accurate underwriting information is critical for insurers to assess and price risk properly rather than mispricing policies, referred to as premium leakage. Lack of accuracy can come from unintentional errors and fraud. These errors cost insurers billions of dollars annually. Insurers seek to minimize premium leakage by conducting audits of policyholders’ operational records and payroll.
This report provides an overview of the current vendor marketplace for premium audit solutions. It is based on publicly available information and responses to survey questions where possible. This report profiles the following vendors: Automated & Management Solutions LLC, InsuraTek LLC, Insurity Inc., Majesco, Nexus Insurance Solutions, PremiumWare Inc., Simple Solutions Computer Group LLC, Verisk Analytics, and Visual Software LLC.
Clients of Aite-Novarica Group’s Property & Casualty service can download this report and the corresponding charts.