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PKF UK and Ireland

The fastest growing major accountancy network in the UK and Ireland


Insurance

Insurance

What were the challenges?

The senior management of an insurer specialising in underwriting complex and unusual risks was concerned that its underwriting approach was fragmented and wanted to ensure the

quality and consistency of underwriting was being achieved. Risk pricing was highly subjective, the underwriting authorities were complex and policy wordings were important.

 

How did we overcome these challenges?

We carried out a detailed review of underwriting procedures, processes and controls, focussing on non-compliance risk, pricing, and oversight controls. Using data mining techniques, we tested the whole population of underwriting data, and targeted those transactions with the greatest risk of non-compliance.

 

What impact did we have

The insurer received assurance on the whole population of underwriting data and a wide range of underwriting criteria. Our data analytics-based approach enabled us to provide practical and useful recommendations to reduce the client’s underwriting exposure. As a result, the insurer is now implementing a continuous monitoring  tool to provide ongoing assurance.

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