C8 - Monitoring and auditing Flashcards
(11 cards)
What information can be used to audit service levels
Management information
How can service standards be audited for the underwriting process
The quotation process:
- are quotes always given a lifespan of an agreed number of days only
- are quotes captured in the system quickly and accurately
- are there processes for typing up quotes and any firm orders that are subsequently received
- are customers queries responded to in an acceptable amount of time
What are the two signs of good CH-MGAs performance for service in the underwriting process
- Everything being turned around within the agreed service levels
- Follow up processes are followed
What are the two signs of bad CH-MGAs performance for service in the underwriting process
- Service levels are being missed
- Quotes are not being followed up properly
What are the 3 reasons of bad CH-MGAs performance for service in the underwriting process
- not enough resources
- not understanding the service levels
- IT systems not allowing diary systems to be used
How can service levels of regularity of reporting be audited
Timeliness of reporting
What are some reasons for late reporting
- Not enough resources
- Problems with IT systems
- Staff not aware of required timelines
- Not aware of information that needs to be captured
What are signs of good CH-MGA performance of managing funds
- Funds being held in dedicated segregated accounts
- Timely payments to local tax authorities
- Timely payment to insurers of premiums and to clients of claims funds
What are signs of bad CH-MGA performance of managing funds
- Lack of clarity over how funds are being held
- Unclear whose funds are whose
- Late payment of taxes
- Non-payment or incorrect payment of taxes
What are reasons for bad CH-MGA performance of managing funds
- Inadequate internal systems or controls
- Not enough resources
- Lack of knowledge of tax requirements
