RISK AUDIT ASSESSMENT
RAA is a special feature that we provide wherein we conduct a comprehensive analysis of your existing life and general insurance portfolio and place our recommendations with the commercial terms. A brief highlight of the process followed for RAA and the resultant recommendations involves mainly two-steps.
Paper Audit: They would review all your prevailing insurance policy documents together with the operational, functional, statutory briefs given to the current Insurer. The liability generated due to the business and operational processes, Statutory and regulatory conditions that govern the business, methods of estimating liabilities including key influencing conditions would be required to be discussed.
Physical Audit: There are a number of things that would require physical assessment in respect of the condition and management of assets, how various processes are followed, both at the plant and other operations, care taken to pre-empt and protect various liabilities in respect of practices and processes. The same follows after the paper audit.
They would commence our engagement with the “Paper Audits” and present our recommendations in respect of:
While it is presumed a reasonable level of physical review would have been done at the time of renewing the policies, they shall discuss the way forward post their recommendation, following the paper audit.