Loss Control or Premium Audit Training

Though loss control and premium audit are related, they each have their own specific career path within the insurance industry.  Our training is geared to provide you with the necessary basic skills to enhance your current role or jumpstart your new career in either of these unique insurance fields.

Who can benefit from our training?

• Individuals – Looking for a new and promising career as an employee or independent contractor in a niche industry where training is provided.
• Retail and General Agents – Ability to be proactive in assisting your commercial policyholders as they prepare for their required premium audit or loss control inspection.
• Underwriters – Development of appropriate class codes or exposures, business conducted and well-rounded insight for improved collaboration with your loss control or premium audit providers.
• Customer Service Reps (CSR’s) – Be able to assist and appropriately assist policyholders and clients with questions about their audits
• Insurance Loss Control and Premium Audit Departments – Let us train your loss control inspectors or premium auditors with all of necessary basic information and practical application to complete a loss control inspection or a premium audit.

What does a Loss Control Inspector do?

Meets with policyholders on behalf of the insurance company to conduct an inspection of the insured operations, locations, buildings and/or premises in order to provide specific reporting. The reports are used to help identify possible hazards to mitigate loss and to provide proper classification of new and renewed policies.

Typical job duties of a Loss Control Representative/Inspector

• Understands insurance coverages, hazards, ISO classifications, recommendations, etc.
• Reviews the order sheet, policy, coverages and occupancies to be inspected
• Schedules Appointment utilizing agent for help as necessary
• Meets insured at building or property to be inspected (some inspections are conducted virtually)
• Discusses general business and operations conducted
• Makes recommendations for noted hazards
• Does walk through of business/property, takes notes & photos, measures building for area, etc.
• Completes Exit interview & discusses recommendations for noted hazards
• Completes wrap-up exit Interview – (includes completing forms, drawing diagrams and uploading Photos)
• Submits final inspection report for review through proprietary software program.
• Adheres to insurance company requirements and quality standards
• Maintains confidentiality, provides excellent customer service with integrity

What does a Premium Auditor do?

The insurance audit is a condition of the insureds policy contract. Their policy was written based on specific estimated premium exposures (such as sales, payroll, units, costs, etc.). The auditor conducts the final audit at the end of a policy period, to determine the actual exposures for the policy period and how they compare to the insured’s previously provided estimates for premium adjustment or determination.

Typical job duties of a Premium Auditor

• Understands insurance coverages, classifications, and audit exposures, industry manual rules, inclusions and exclusions,  etc.
• Reviews the order sheet, policy, class codes and requirements, for the type of audit being conducted
• Schedules Appointment utilizing agent for help as necessary – Requests Records to be provided
• Meets with the insured at their office or representatives (bookkeeper or accountant) location for a physical audit or conducts the audit virtually in some cases
• Conducts initial interview with the insured (goes over business operations, principals and employee duties, etc.)
• Reviews financial records and enters information based on classifications assigned per industry standards, rules and client instructions into a proprietary audit software program.
• Conducts wrap-up exit Interview – Goes over findings with insured or representative, answers questions
• Finalizes and completes write up
• Submits final audit for review and policy premium adjustment if needed.
• Adheres to insurance company requirements and quality standards
• Maintains confidentiality, provides excellent customer service with integrity

Note: Afirm is not a job placement company.  Completing a course does not guarantee a job with a carrier or a vendor company, however our courses will provide you with the necessary tools to jumpstart your career path.  If you are already employed by a carrier or an agency, our courses will provide a solid learning base that will strengthen your professional skills.