Aite-Novarica Group Recognizes Insurity as a Prominent Provider of Premium Audit Solutions
February 28, 2023
Aite-Novarica Group's latest report recognizes the next-generation functionalities of Insurity's Sure Premium Audit solution, which helps reduce misclassifications with 87% accuracy
HARTFORD, Conn.- BUSINESS WIRE -Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced that Aite-Novarica Group has recognized Sure Premium Audit in its latest report for the next-generation functionalities it offers to carriers during the premium audit process. Aite-Novarica defines a solution with next-generation features as one that provides recommendations, next-best actions, predictive audit generation, and the ability to leverage third-party data for accurate insights and fraud identification.
Aite-Novarica, a research and advisory firm with a focus on the insurance industry, provides strategic insights to help insurance organizations make informed technology decisions. The latest report offers a comprehensive overview of the premium audit market, including the challenges insurance companies face and the leading solution providers. These challenges include manual processes, the inability to identify the correct accounts to audit, costs associated with physical audits, and reliance on outside vendors to complete the audits.
Sure Premium Audit automates the premium audit process and uncovers missing premiums for insurance organizations while helping insurers avoid the expense required to scale physical audits or outside vendors.
Sure Premium Audit identifies opportunities to optimize premiums using AI-based analytics derived from its proprietary data consortium of over 25 million audits. This enables insurers to reduce misclassifications with 87% accuracy.
"We are thrilled to be recognized in Aite-Novarica's latest report for Sure Premium Audit's next-generation functionality," said Sylvester Mathis, Chief Insurance Officer at Insurity. "Sure Premium Audit is dramatically improving the audit experience for both the carrier and the policyholder. Sure Premium Audit optimizes auditor efficiency by pinpointing high-probability opportunities thanks to its market-leading predictive analytics, configurable rules engine, and automated alerts. This recognition by Aite-Novarica is further evidence that Insurity is leading the digital evolution transforming the premium audit process."