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Third Party Services
Accounting Services
Through one of our commonly owned companies, Chandler Insurance Managers, Inc. (CIMI), we have the ability to offer diverse accounting services to issuing carriers, brokers, fronting companies, MGA’s, retrocessionaires, reinsurers and other intermediaries. As a sister company to an insurance carrier that handles all of its own in-house accounting needs, we have the ability and staff to facilitate virtually any accounting need requested by an operation. CIMI uses advanced accounting systems to manage claim funds, trust accounts, premium collection and tracking as well as many other functions required by insurance operations.
Our accounting services include but are not limited to:
- Premium accounting, reconciliations, collections and reporting of unearned and earned premiums by line of business and by state.
- Annual Statement preparation and accounting
- Claims accounting, including check issuance reporting and control
- Reporting of outstanding reserves, IBNR, paid losses and loss adjustment expense, and claim counts by line of business and by state.
In addition, we also offer premium audit services. Some insurers have found that while they know it makes good business sense to audit premiums to ensure correct premiums were collected for exposure incurred, they don’t have the resources to properly accomplish this necessary evaluation. CIMI will verify the correct premium was charged, reported and paid for each risk insured. Our familiarization with rate classifications, experience modifications, discounts and credits, as well as the rules and regulations used to calculate premiums enables us to develop an audit program according to the customers needs.
We will assess each risk which may include physical audits, telephone audits and/or other forms of audit. Audits will be performed by our companies experienced team of auditors or we will arrange for these services to be provided by select auditing companies with whom we know and trust. If this service is rendered for your business, you can trust that audits performed are conducted to the standards of CIMI and will be audited by an experienced team member.
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