Premium Audit Service Options
The ISOPAX® Network (ISO Premium Audit Xchange®) offers you value-added services that can supplement or support your premium audit operations.
Services offered are:
- quality review
- order entry
- vendor management
- dispute resolution
- invoice consolidation
The ISOPAX support staff comprises expert premium audit personnel who have decades of commercial carrier experience largely gained from the carrier premium audit community. The staff is knowledgeable in all aspects of premium audit operations.
Premium audit quality-review services
Services can include comprehensive reviews of each audit or a statistical sampling based on your requirements. The ISOPAX Quality Control reviewer documents in detail audit errors or omissions, and you or your vendor can access the documentation related to those errors or omissions. Quality-review services are especially valuable where you or MGA has a limited internal quality-review staff.
Order entry services
Personnel familiar with commercial policy information perform order entry services. You deliver policy information related to the audit order to ISO in any acceptable format. You or ISO typically enters new audit orders into ISOPAX on the day of receipt or the following day depending on time of receipt.
Vendor management services
Services can include setting up and maintaining your order vendor distribution profile in ISOPAX. ISOPAX can either proactively manage the vendor distribution of your orders based on vendor quality or time service parameters, or it can manage vendors collaboratively with you. Vendor follow-up services include proactive vendor communication related to overdue audits, status reporting, or any other issue affecting order delivery performance.
Dispute resolution services for disputed premium audits
Services involve ISOPAX staff managing the resolution of disputed audits from the inception of the dispute to reconciliation. The staff is well versed in communicating with all parties having a business interest in an audit dispute, including underwriters, agents, policyholders, and accountants.
Invoice consolidation services for multiple premium audit vendors
Services can be an excellent benefit to customers who distribute orders to multiple vendors. If you choose that option you'll receive just one monthly invoice from ISO regardless of the number of vendors performing their premium audits. That allows you to distribute orders to many vendors, incorporating a high level of geographic redundancy but without the added cost of processing invoices from each vendor.
The benefit of broadly distributing orders across the vendor community is the ability to achieve a high degree of consistency in vendor quality and time service. For example, if you use only one vendor across a large territory or across the United States, the consistency in quality and time service becomes only as good as that one vendor can provide in each geographic territory it covers. Individual vendor performance can change dramatically from territory to territory because personnel experience varies and personnel changes occur.
By increasing territorial redundancy through increasing the number of vendors used in any particular territory, you can continually assign premium audit orders to the best-performing vendors in any particular geographic territory all the time. ISOPAX provides the immediate capability to network all available vendors to achieve network efficiency without the accounting burden related to vendor invoicing.
For more information about the ISOPAX Network
- Call Verisk Customer Support at 1-800-888-4476.