Premium audit does not get the respect it deserves.
In fact, based on my own experience, I would argue that a lack of respect for premium audit over these past few decades has resulted in much mediocrity in the quality of the function, especially among the premium audit vendor community.
The recent recessionary period has not helped. Over the past three years, a once steady stream of additional earned premium has evaporated. The industry response in some cases has been to adjust premium audit expenses downward to make up for lost premium associated with depressed payroll- and sales-based exposures.
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