Virtual Audits Streamlined with New Digital Collaboration Tool from Verisk
October 14 2021 - 9:00AM
The COVID-19 pandemic has taught us that virtual premium audits can
be more cost-effective and efficient than traditional, on-site
visits. But using legacy technology to conduct digital audits can
slow down the process and increase errors—from sending outdated
forms to missing video conferences and documents not being shared.
These errors could ultimately result in the inaccurate assessment
of commercial risks and premium leakage.
Verisk (Nasdaq: VRSK), a leading global data analytics provider,
has developed PAASvirtual™, a new platform for virtual premium
auditing, that empowers insurers to effectively conduct audits
digitally. PAASvirtual is a fully customizable, cloud-based
platform that leverages the latest virtual technology along with
more than 50 exclusive forms developed for virtual audits by
Verisk’s Premium Audit Advisory Service (PAAS).
PAASvirtual can help premium auditors seamlessly engage with
commercial lines insurers and their policyholders in real-time and
accelerate the digital transformation of premium audits.
COVID-19 pandemic demonstrates virtual premium audits
(VPA) can be more cost-effective, efficient than traditional,
on-site visits
PAASvirtual users can conduct and record VPA meetings online,
and share photos, forms and documents in one place to accelerate
the auditing process.
“Instead of fumbling with multiple programs to manage the
virtual auditing process, PAASvirtual helps auditors easily
collaborate with all stakeholders,” said Gary Higgins, director of
operations for Verisk’s PAAS. “The end-to-end, InsurTech platform
enhances efficiency, allowing auditors to increase production and
substantially reduce operating costs. The system — built with the
expertise of PAAS — is fully customizable for individual companies’
forms and questions, integrates smoothly into existing processes
and allows users to access all vital data easily.”
A recent PAAS survey found that most insurers plan to reduce
physical audits by 70 percent in the post-COVID world.
PAASvirtual empowers users to:
- Host and record meetings during the audit life cycle
- Invite collaborators, like underwriters, to review important
documents regarding a policyholder
- Save all calls, documents, and files in a single place,
reducing the need for multiple vendors
- Archive completed projects
- Send more than 50 exclusive audit forms — created by PAAS — to
customers for completion
- Create questions and customizable forms
For more information, visit the PAASvirtual web page on
Verisk.com.
About Verisk
Verisk (Nasdaq:VRSK) provides predictive
analytics and decision-support solutions to customers in the
insurance, energy and specialized markets, and financial services
industries. More than 70 percent of the FORTUNE 100 relies on the
company’s advanced technologies to manage risks, make better
decisions and improve operating efficiency. The company’s analytic
solutions address insurance underwriting and claims, fraud,
regulatory compliance, natural resources, catastrophes, economic
forecasting, geopolitical risks, as well as environmental, social,
and governance (ESG) matters. Celebrating its 50th anniversary, the
company continues to make the world better, safer and stronger, and
fosters an inclusive and
diverse culture where all team members feel
they belong. With more than 100 offices in nearly 35 countries,
Verisk consistently earns certification by Great Place to
Work. For more:
Verisk.com, LinkedIn, Twitter, Facebook,
and YouTube.
Media Contact:
Ali Krueger Herbert
551-204-6592
ali.krueger@verisk.com
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