Premium Audit Services

Shifting the Paradigm for Premium Auditing

FARA Premium Audit Services produces top quality premium insurance audits for insurance companies nationwide. Our audit professionals undergo continuous training on the changing premium auditing codes and rules. We are committed to meeting our client's premium auditing needs and customizing our services. FARA takes pride in being the most technologically advanced service provider in the industry.

Available Services:

  • Physical Audits
    • Nationwide Coverage
    • Worker's Compensation
    • General Liability
    • Commercial Auto
    • 100% Quality Review System
    • Electronic Order, Delivery, and Status Reports
    • 45 Day Time Service

  • Telephone Audits
    • Centralized Call Center
    • Dedicated Telephone Staff
    • Appointment Letter
    • Toll Free Phone Numbers
    • Appointment Flexibility
    • 100% Quality Review System
    • Electronic Order, Delivery, and Status Reports
    • 30 Day Time Service

  • Voluntary Audits
    • Centralized Mail Center
    • Dedicated Mail Staff
    • Standardized or Custom Letters
    • 100% Quality Review System
    • Electronic Order, Delivery and Status Reports
    • 30 Day Time Service

  • Extension & Billing
    • Centralized Operation
    • Uses Codes & Rates Supplied by Client
    • Completes the Outsource Process
Quality Audits Guaranteed

FARA has developed an unsurpassed way of controlling quality. When an audit is assigned to the auditor, it is also assigned to a designated quality control reviewer who is specific to a state and client. They specialize in the regulations of that state and are familiar with the requirements set forth by that client.

Throughout the audit process, the quality control reviewer is available for questions and quality direction. The specific customer requirements are attached to the audit file for reference by the auditor.

As each audit is completed, it is electronically transferred to the designated reviewer. If the audit meets the determined quality standards it is then electronically billed and delivered to the client. If there are quality concerns, these are documented and the audit is electronically returned to the auditor for revision. The electronic transfer allows for a quality product to be managed in a timely fashion.

Technology to Take Your Business to the Next Level

PremiumAuditExpert is FARA's proprietary, web-based system for managing premium audits with real-time reporting and audit tracking capabilities. This system allows for strong quality control, faster access to management reports and an overall better way to manage the audit process. Access your information anywhere, anytime and from any computer. Electronic data feed allows for paperless order and delivery of audits and information at the touch of a button.

  • Real-time Reporting - Get the information as it develops. Avoids delays caused by transmittals, downloads, telephone calls or mail.

  • Data Mining Information - Collects and reports specific historical information. Allows the user to identify and manage risks by code and type.

  • Manage Multiple Vendors, Clients and Users - Creates standardized management information. Allows flexibility and availability to insurance carriers, MGA's, vendors and other authorized users.

  • Compatible with any Audit Program - Combines with any attachment for electronic delivery. Allows for the use of preferred audit programs or spreadsheets.

Management Reports

Status Reports

PremiumAuditExpert allows the client to track an audit from the initial entry into the system to the final delivery. "Diary Management" keeps a detailed log of exact dates, times, and users who access the audit throughout the process.

"User Notes" and "Audit Status" allow the client to access the audit and get a real-time status report. This eliminates phone calls to the vendor, delays in response and other problems associated with getting a status. The auditor will enter notes, attempts to contact the insured and other activities. PremiumAuditExpert will indicate when an audit has been acknowledged, when it is in the quality control stage and when it has been completed.

Business Reports

Inventory Reports allow the client to manage the current inventory via PremiumAuditExpert. Reports are given in real-time and can be accessed anytime from anywhere.

Time Service Reports allow the client to track and measure the time service provided by FARA or other vendors. Reports can be accessed anytime from anywhere via PremiumAuditExpert.

Billing Reports allow the client to access and track completed and billed audits. It is reported in real-time and can track information in various time parameters.

For more information on FARA Premium Audit Services or our rates, please contact us at (800) 242-6988, or via e-mail at solutions@fara.com.

A leader in forward thinking and innovative concepts, FARA is shifting the paradigm for the insurance industry.
 
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