Audit & Claims
TurnStone offers a wide range of services in support of insurers and Lloyd’s Managing Agents, many of which are tailored to a client’s specific requirements
Coverholder audit
Turnstone will review existing Coverholders in respect of a binding authority agreement, in accordance with an agreed audit scope. The scope typically follows the current Lloyd’s format or an alternative, as preferred by the insurer or Managing Agent. TurnStone will assist with defining an appropriate scope and deal with bespoke elements, as necessary. TurnStone is able to deliver on large coordinated binder audits that have a significant number of participating insurers and Lloyd’s Managing Agents, as well as smaller and singleton reviews.
Our focus is on identifying practical, agreed and transparent solutions which support the Coverholder in meeting the required standards. TurnStone seeks to minimise the disruption to the business of the Coverholder during the audit and will look to issue the audit report as early as possible following the audit. TurnStone recognises that a Coverholder audit is an opportunity to enhance the relationship between the Coverholder and insurer or Managing Agent.
Third Party Administrator Claims review
TurnStone will review Third Party Administrator (“TPA”) arrangements in accordance with an agreed scope. The TPA scope typically follows the current Lloyd’s format or an alternative, as preferred by the insurer or Lloyd’s Managing Agent. TurnStone will assist with defining an appropriate scope and deal with bespoke elements, as necessary.
Our focus is on identifying practical, agreed and transparent solutions which support the TPA in meeting the required standards. TurnStone seeks to minimise the disruption to the business of the TPA during the audit and will look to issue the audit report as early as possible following the audit. TurnStone recognises that a TPA audit is an opportunity to enhance the relationship between the TPA and insurer or Managing Agent.
Pre-underwriting or Pre TPA review
On behalf of the Managing Agent, TurnStone assesses whether a business meets the necessary standards to operate with delegated authority according to the terms of a proposed binding authority or TPA agreement. TurnStone will use an abridged version of the Lloyd’s Coverholder or TPA scope, tailored to assessing the Coverholder or TPA’s suitability.
Our focus is on identifying practical, agreed and transparent solutions which support the Coverholder or TPA in meeting the required standards. TurnStone seeks to minimise the disruption to the business of the Coverholder or TPA during the audit and will look to issue the audit report as early as possible following the audit. TurnStone recognises that a Coverholder/TPA audit is an opportunity to enhance the potential future relationship between the Coverholder/TPA and insurer or Managing Agent.
Implementation of audit recommendations
Once recommendations have been identified following on from a review (whether a binder audit, TPA or other audit), TurnStone works with the business to identify the detailed actions required and facilitates effective implementation within an agreed timeframe.
Implementation of recommendations is typically completed more quickly and delivers lasting benefits where in-house resources are supported by complementary TurnStone expertise.
Insurance and Reinsurance Reserving analysis
TurnStone provides Lloyd’s Managing Agents with an analysis of insurance and reinsurance reserves for year-end reporting purposes. TurnStone uses in-depth Claims expertise to employ realistic reserving analyses based on individual file review. We use an Access database TurnStone Audit Reserve Analyser (TARA) which can be tailored to each reserving assignment. TARA provides clients with a working summary outlining reserves for each claim as per insured/cedant. TurnStone numbers split the reserves between indemnity, defence expenses, medical expenses and loss adjustment expenses, showing any differences between them. The TARA form provides the client with the auditor's explanatory onsite notes indicating why differences have arisen. Reserve differences can be summarised in Excel so that clients can see where the differences are at a glance. This is also useful in reviewing run-off books for potential commutation purposes.