Because of the unique relationship between the two businesses, as well as the evolution of automated underwriting, rating and claim systems in the insurance industry, opportunities to collaborate underwriting, claim and transactional auditing with information technology reviews have resulted in better and more comprehensive service to our clients. Altair has utilized Antares-developed electronic file review programs for many years. These have developed more accurate audit statistical data and easy identification of weak areas and those of strength. It has also provided Altair solid and reliable data analysis for dispute work. This has helped Antares staff develop a strong understanding of insurance operations.
Antares Information Technology Solutions, partnered with Altair, can deliver the necessary review of automated insurance underwriting, rating and claim systems, which has been long overlooked. This audit process can help identify technology-related issues and considerations for the subject systems. The business is changing and reliable technology has become more of an exposure to our clients. Seasoned underwriting and claim auditors are currently asked to review technology infrastructure to meet underwriting, rating, claim discipline best practices, disaster recovery, security and other critical IT issues. However, they often lack the technical expertise to completely identify the potential for loss and possible premium and/or margin leakage.
Additionally, proprietarily-developed policy and claim handling systems that manage the business can lack proper oversight of exceptions or “default” management, which cannot be properly identified with basic electronic file reviews. Tests of the basic programming is required and outside the realm of expertise for the typical claim or underwriting auditor. Antares' audit goals are to identify and address the entity's technology risk before it affects profitability, recognize opportunities to maximize margins, ensure business success, prevent premium leakage and note claim management deficiencies by checking system default mechanisms at the programming level. Antares' main objective is to secure insured data, policy and claim handling systems before it makes headlines in tomorrow’s news.