Where auditing expertise meets quality customer care
Our specialty areas of focus are coverholder and third-party administrator / delegated claims administrator audits conducted as extensions of our clients’ brands (or on behalf of our London and Lloyd’s market-based clients).
We provide the expertise and resources to accurately assess Delegated Underwriters’ compliance with the terms and conditions of the Binding Authority Agreements they manage on our clients’ behalf. We also audit claims handling performed by those entities our clients retain to resolve the claims reported on the business the coverholders produce.
Davies provides audit services to risk-bearing entities, including Lloyd’s Managing Agents and Syndicates, London market insurers, and domestic insurers. As part of this service, our specialists review the audit subjects’ management of business in conformance with authority contracts they enter into with our clients. Audits include reviews of underwriting, claims handling, policy production, accounting, bordereau production, and IT for compliance with Binding Authority Agreements, Lloyd’s requirements, and industry best practices.
Municipal pools, Risk Retention Groups (RRGs), and Risk Purchasing Groups (RPGs), captives, domestic insurers, and reinsurers select Davies to provide governmental entity audits. We evaluate claims handling, reserving, and outward reporting performed by captives, risk-bearing / risk-sharing entities and TPAs to assess quality and adherence to best practices and agreed-upon contractual metrics.
Our risk-taking clients want accurate assessments of their service providers’ claims management to safeguard their business interests. These service providers conduct claims investigations, settlements and payments, subrogation and salvage recoveries, and litigation management. Davies reviews the overall management, reporting, and resolution of claims or lawsuits as part of our TPA audits. The evaluations of these authorities can be performed remotely through claims management systems to increase efficiency and reduce travel-related expenses.
Domestic and international excess carriers and reinsurers face unique challenges when assessing underlying exposures. Davies has over 30 years of experience handling workers’ compensation claims. We represent the interests of our clients by monitoring the handling, reserving, and final resolutions of workers’ compensation claims. Additionally, our workers’ compensation audit specialists are adept at managing reinsurance exposures generated by workers’ compensation carveout businesses.
As part of our reinsurance audit services, Davies performs claim department management studies, designed to evaluate relevant systems and procedures and, most importantly, the impact of the 3 Rs (reporting, reserving, and resolutions). We can also review ceding companies and their TPAs.