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Audits | Fulmar Consulting

Audits

Pre-Contract Audits

These audits ensure that prospective coverholders meet the requisite standards and retain the controls required to be granted Lloyd’s approval.

Cover holder audits

We work collaboratively with existing coverholders, designing audits that ensure:

  • Statutory and regulatory requirements are maintained
  • Coverholder’s underwritten business meets with the approval of terms of the authorities granted
  • Financial controls are in place, and appropriate checks are made
  • Appropriate measures are taken when premiums are transacted
  • Claims (where relevant) are handled as required, and that there is appropriate delineation of responsibilities

TPA Audits

Audits specially designed for third party administrators to ensure:

  • Statutory and regulatory requirements are maintained
  • Lloyd’s minimum standards are being met
  • Claims are administered in accordance with the authorities granted
  • Service standards are maintained at all times, including following a catastrophe event
  • Consistency of service standards, even after a catastrophe
  • Appropriate management of loss adjusters and expert third parties
  • Management and retention of granted claims funds

Conduct Risk Reviews

We offer a bespoke conduct risk review service, tailored to your specific needs. We are often asked to include:

  • TCF control procedures, processes and management information
  • Training & development, complaints handling procedures
  • Specialist financial-related policies and processes
  • Conflict of interest
  • Customer facing materials
  • Reward and incentive schemes


Managing General Agent Audits

These audits are very similar in composition to our coverholder audits, but have an emphasis on maintaining high standards in underwriting and account management.

Technical Audits

These are tailored to individual needs and provide detailed analyses of:

  • Coverholder competencies and technical abilities
  • Management of TPAs and general agents

Get in touch

Call us at +44 (0)1923 232733 or  Contact Us