Data and analytics provider Verisk has announced the launch of PAASvirtual, a new platform for premium virtual auditing. The platform allows insurers to effectively conduct audits digitally. PAASvirtual is a customisable, cloud-based platform that includes more than 50 exclusive forms developed for virtual audits by Verisk’s Premium Audit Advisory Service (PAAS).
The COVID-19 pandemic demonstrated that virtual premium audits (VPAs) can be more cost-effective and efficient than traditional on-site visits, Verisk said. PAASvirtual allows users to conduct and record VPA meetings online and share photos, forms and documents to accelerate the auditing process.
“Instead of fumbling with multiple programs to manage the virtual auditing process, PAASvirtual helps auditors easily collaborate with all stakeholders,” said Gary Higgins, director of operations for Verisk’s PAAS. “The end-to-end insurtech platform enhances efficiency, allowing auditors to increase production and substantially reduce operating costs. The system, built with the expertise of PAAS, is fully customisable for individual companies’ forms and questions, integrates smoothly into existing processes and allows users to access all vital data easily.”
A recent PAAS survey found that most insurers plan to reduce physical audits by 70% in the wake of COVID-19.
PAASvirtual allows users to:
- Host and record meetings during the audit cycle
- Invite collaborators, like underwriters, to review important documents regarding a policyholder
- Save all calls, documents and files in a single place
- Archive completed projects
- Send more than 50 exclusive audit forms, created by PAAS, to customers for completion
- Create questions and customisable forms.