Overland Solutions, Inc. announces new online premium audit solution AuditStream® Web 2.0
Portal Reduces Insurer Risk and Costs By Boosting Completion Rates and Data Accuracy
OVERLAND PARK, KS – Overland Solutions, Inc., a leading provider of insurance services and solutions, today announced the availability of AuditStream® , a secure online premium audit solution for commercial-lines carriers. AuditStream is the first industry solution that addresses the inefficiencies and costs associated with voluntary premium audits and related work flow processes. An intuitive Web 2.0 portal, with more than a dozen industry tracks, the carrier-branded portal manages service selection, increases overall completion ratios and gives policyholders a convenient medium for accurate data submission.
AuditStream, developed by Overland Solutions, Inc., is a secure workflow-based Web portal designed to manage voluntary premium audits for commercial-lines carriers. AuditStream provides the ideal selection process for smaller Workers’ Compensation and General Liability policies, at the most affordable cost, for a completed premium audit. The patented portal was created in partnership with behavioral psychologists to provide a compelling user experience. Users enter required information into a secure Web site featuring intuitive questions that help guide them through the process. AuditStream applies configurable rules and best-practice processes to increase completion rates and trigger additional data requests or phone audits if needed. Each report is reviewed by an OSI premium audit professional for quality assurance or escalation. The result is a completed premium audit that can be immediately processed and billed by the carrier, reducing the need for any follow-up with the policyholder. Completed AuditStream reports are delivered via system-to-system (S2S), Web or email transfer.
“We believe AuditStream is the first solution to address the inefficiencies and costs associated with the process of conducting voluntary premium audits. The portal provides a dynamic, user-friendly automated platform that ensures better quality data, boosts response rates and brings greater value to the market,” commented Jeffery L. Haniewich, CEO, Overland Solutions, Inc. “Much like the due diligence we conducted in designing the AuditStream interface and intuitive workflow, we also ensured the portal was field-tested and as turn-key as possible. Several leading commercial-lines carriers have been using AuditStream for their smaller premium policies and noted increased completion rates and more comprehensive data.”
ROI and Availability — The portal delivers 30% greater completion rates – and at a lower cost – than other mediums, by enabling policyholders to enter required data using a password-protected site at their convenience within a specified timeframe, and with online help and tips. Extensive interviews with P&C insurance carriers revealed that the typical response rate for voluntary premium audits completed manually is 50%. AuditStream pilot customers reported higher completion rates of up to 86%.
The Overland Solutions AuditStream Web 2.0 premium audit portal is available today, enabling commercial-lines carriers to quickly realize ROI by cutting costs and time spent and increasing data completion and accuracy for better underwriting and reduced risk. AuditStream offers one general and more than a dozen best-practice industry tracks, advanced workflow and configurable rules. Carrier-branded portals are typically delivered in one week. Pricing is based upon volume and escalation parameters.
About Overland Solutions, Inc. — Overland Solutions, Inc. leads the insurance industry in providing commercial-lines carriers with proven premium audit services and solutions, loss control consulting, and commercial and high-value residential surveys. The company’s AuditStream online premium audit solution increases voluntary audit completion rates to eighty percent, reducing time, costs and risk. Overland Solutions provides local service and technology expertise via a nationwide network of skilled specialists dedicated to accuracy and efficient best-practice processes that ensure delivery of timely and actionable information in every report. Formed in 2003, with 80 years of industry experience, Overland Solutions serves 22 of the top 25 A.M. Best-rated property and casualty insurers. For more information or to schedule an AuditStream demonstration, visit Overland Solutions Inc. or call 877.856.8599.
AuditStream® – U.S. Patent No. 8,566,130