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Audit

DWF Audit
A dedicated, international insurance auditing team, serving Lloyd’s and the London Market. 

With auditors based in Australia, Canada, Italy, the UK and the USA, we have local expertise and knowledge and are ideally placed to assist our clients with their auditing needs, whilst minimising travel costs.

The DWF Audit team has an average of over 20 years’ experience in the Insurance industry. Our wide geographical spread  has given us considerable experience  across the world including Australasia, Hong Kong & Singapore, South Africa, Canada and the USA as well as the UK and across Europe.

Our Services

Delegated Authority Audit

 
Delegated Authority Audit

Delegated Authority Audits are conducted based on the Lloyd's audit scope for coverholders or Third Party Administrators (TPAs), or our client's bespoke audit scope and include a review of adherence to binding authority or contractual requirements, compliance, underwriting processes, claims handling, accounting processes, information security and customer outcomes.  These reviews range from "large coordinated audits", with DWF Audit acting on behalf of multiple Managing Agents or Insurers, through smaller coordinated and singleton audits.

Between the team, we have audited and reviewed many hundreds of Coverholders and TPA’s in the UK, Europe, Australia, South-East Asia, South Africa, the United States and Canada.

Pre-Inception Audit or Due Diligence Reviews

 
Pre-Inception Audit or Due Diligence Reviews
Whether for a new Coverholder partner or TPA handling claims, we will review  your prospect 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

Run-Off Claims Audits or Underwriting Exit Reviews

 
Run-Off Claims Audits or Underwriting Exit Reviews
We will audit and review the existing portfolio to check compliance with delegated underwriting authority limits, contractual and corporate governance, providing a report that should eliminate surprises as the portfolio runs down or the claims run-off.

Reserving Reviews

 
Reserving Reviews
The review contains assessments of underlying claim details, a brief history and key points of the claim in its lifetime together with a summary of whether DWF Audit feels any claims and not reserved properly (whether under-reserved or over-reserved) or will breach the reinsurance programme/layer.  We have expertise covering Insurance and Reinsurance specialising in most classes.

Claims Peer Review and Lloyd's CFR

 
Claims Peer Review and Lloyd's CFR

We 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 review these claims against either the Lloyd's CFR criteria, or the insurer client's own questionnaires. Reporting is directly to the claims manager to allow for remedial activity or implementation of training.

We also perform Lloyd's Claims File Reviews (CFRs) for Managing Agents in line with the CFR cycle.

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Pricing

The majority of the audit services provided are on an agreed fee basis. DWF Audit calculates the time required to perform the audit based upon our experience of performing audits following known scopes and file counts.

For all audits/reviews, we provide a quote to our client for sign-off that summarises the review criteria, including indicative expenses.

Scope

Compliance and Governance, Advice and Consultancy
We have extensive experience and knowledge of conducting insurance and reinsurance reviews and inspections of records which  allows us to provide commercially effective consultancy advice to support our clients' aims and goals,  through commutation negotiations, litigation support solutions or internal operational efficiency savings.

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