Photo: Phimwilai/Adobe Stock

Businesses big and small have to deal with insurance premium auditing, which is the process of determining the actual premium for a given policy based on estimates from a professional.

These audits occur annually, and in the past have been handled by an insurance carrier. This process was very error prone, costing businesses money left and right due to inaccuracies in premium estimation. In recent years, however, the world of premium auditing has changed to adapt to technological advancements such as AI. With the help of AI, this process can now be completed by contracted auditors, reducing error and changing the landscape of the insurance industry forever.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.