As part of the Minimum Standards Lloyd’s has been keen to promote both high standards and consistency in the audit of its coverholders, and with this in mind Lloyd’s issued a common audit scope on 6 February 2014. The audit scope lists the questions to be asked by the external auditors undertaking the audit on behalf of the Managing Agents. Peter Driscoll has carried a large number of coverholder audits pursuant to the Lloyd’s audit scope as well as a number of coverholder audits for company market insurers with some modifications of the Lloyd’s scope. For details of the various classes of business please see the About Us page.
The Lloyd’s audit scope is presently being revised and it is hoped that the New Audit Scope will be in use by Q2 2017. Peter Driscoll has attended the Lloyd’s Training on the New Audit Scope.
All Managing Agents outsourcing claims authority are required to demonstrate adherence to Lloyd’s Claims Management Principles and Minimum Standards. The Delegated Claims Management Review (“DCMR”) specifies audits as one of four keys to ensuring that Managing Agents’ oversight of external claims service providers is both effective and cost-efficient. The Lloyd’s audit scope includes a large section on claims. Peter Driscoll has carried out a number of TPA Audits which have followed the audit scope, as well as some bespoke audits which deal with more specific issues. The latter may involve the review of specific claims, or a “second sight” service. Please see the About Us page for more details.
INDEPENDENT CLAIMS FILE REVIEWS
The Minimum Standards place an obligation on Managing Agents to carry out claims reviews of claims handlers on a random, representative, regular and robust basis. REVIEW AUDIT helps clients establish claims review systems which include regular evaluations of file management; investigation & quantum valuation; communications; case reserve management; expert and litigation management; settlements; customer outcomes; and compliance with core claims philosophy. Peter Driscoll is carrying out regular independent claims reviews for a Managing Agent. Peter has carried out the Lloyd’s CFR Reviewer Training and is on Lloyd’s list of independent Claims Reviewers.
Under the Minimum Standards Managing Agents must ensure that they have a robust reserving procedure, and ensuring the accuracy of the reserves is a crucial part of the process. REVIEW AUDIT is able to provide an independent review of a Syndicate’s reserves or of the reserves being recommended by a TPA or panel law firm. Please see the About Us page for more details.
PANEL LAW FIRMS
Peter Driscoll’s own legal expertise and many years of handling insurance claims means that REVIEW AUDIT is very well qualified to evaluate the quality and cost-effectiveness of claims handling by panel law firms. Please see the About Us page for more details.
REVIEW AUDIT can provide consultancy services to small brokers by undertaking a strategic review of the claims department and the claims handling service.