DWF auditors are well placed to assist our clients with their auditing requirements, whilst minimising travel costs where applicable however, remote audits can also be conducted.
Delegated Authority Audits can be conducted based on the current Lloyd's audit scope for Coverholders and/or Delegated Claims Administrators (DCA's). Alternatively, our clients can opt to use their own bespoke audit scope.
Both options include a review of adherence to binding authority or DCA contractual requirements, compliance, underwriting processes, claims handling, accounting/reporting processes, information security and customer outcomes.
Audits can range from "large coordinated audits", with DWF Audit acting on behalf of multiple Managing Agents or Insurers, through to smaller coordinated and singleton audits.
Historically, DWF audit have audited and reviewed hundreds of Coverholders and DCA’s in the UK, Europe, Australia, South-East Asia, South Africa, the United States and Canada.
Whether for a new Coverholder partner or a DCA handling claims, DWF Audit can review your prospective new partner and provide an overview report on their operation, staffing, underwriting and / or claims experience, systems, procedures and compliance.
The report will outline these specific areas of the review and if necessary, provide overall recommendations for any improvements or highlight any relevant concerns prior to engagement.
DWF Audit will assist our insurer clients to adhere to Lloyd's Minimum standards by performing the key control of claims peer review on their behalf. This will be based upon an agreed proportion of claims (either per portfolio or claims team) and DWF Audit will review these claims against either the Lloyd's Claims File Reviews (CFR) criteria or the insurer client's own questionnaires.
Reports are issued directly to the claims manager to allow for remedial activity or implementation of training. We also perform CFRs for Managing Agents in line with the CFR cycle.
The vast majority of the audit services provided by DWF Audit are on an agreed fee basis. DWF Audit will calculate the time required to perform the audit review based upon our experience of previous audits following known scopes and file counts.
For all DWF Audits/reviews, a quote is provided to our clients for sign-off which summarises the review criteria and which also includes indicative expenses.