I recently posted a blog titled, “How to Manage Lloyd’s Audit Anxiety.” In it, I talk about four things coverholders fret over during their audit. Now, let’s turn the tables and find out what can make a Lloyd’s auditor anxious.
1. Did your Lloyd’s Auditor have enough information?
Your auditor understands your time and the time of your staff is valuable. That is why they usually send you a list in advance of the things they need to conduct your audit. Without this information, they’re unable to ask solid, sensible questions about your Lloyd’s book which results in discrepancies.2. Did your Lloyd’s Auditor meet the right people?
Being a Lloyd’s coverholder is a team effort and staff or locations being used to handle key processes must be reported to Lloyd’s. Underwriting, claims, data entry, Lloyd’s issuance, accounting, bordereaux management, reporting and IT people should all be made available to your auditor. Getting to the bottom of things doesn't always involve management alone.3. Did your Lloyd’s Auditor have enough time?
Did you make the information your auditor needs easily accessible? For example, if you have documents in multiple folders or on network drives that require user permission, they’re wasting time looking for things they should already have. It’s beneficial to maintain an electronic folder of common audit information for easy access and quick response. If your auditor is from out-of-town, chances are they’re performing more than one audit in your region. They may not have time to come back and finish your audit as scheduled which is stressful for both parties.4. Does your Lloyd’s Auditor know where your office is?
In a world with GPS and Google Maps, it’s still possible to get lost, especially if your office is in a rural area or a city your auditor hasn’t visited before. Not being able to find your office leads to other anxieties, such as:
- Will I be late?
- Will I find a place to park?
- What floor are they on?
- How many blocks do I have to walk?
Your auditor wants to make a good first impression and arrive on time to start working on your audit as soon as possible.
Speaking of good impressions, impress your Lloyd’s auditor with your proactivity by downloading our free eBook, Lloyd’s Coverholders, are you guilty of these 5 Misdemeanours?”. We discuss some of the common oversights made by coverholders and how to troubleshoot them.
If you’d like to learn even more, contact us for a demo.