During the COVID-19 pandemic, most insurance carriers switched from physical audit to virtual audits. Most premium audit departments were unable to complete in-person audits and had to conduct them virtually. Many carriers benefitted from these virtual audits by seeing decreased audit costs, a reduced carbon footprint and more balanced workloads.
Insurance carriers are confirming COVID-19 is impacting property and casualty (P&C) insurance companies and is expected to continue to affect claims and premium trends over the next several months—and potentially for years to come.
COVID-19 also introduces uncertainty regarding the average cost of workers’ comp claims, according to carriers. During prior economic downturns, some carriers experienced an increase in the number of lost time days per claim as injured workers received continued workers’ comp benefits instead of normal wages. Instances of some employers delaying return to work dates for existing injured employees are likely already occurring with COVID-19.
About Brown & Joseph
Brown & Joseph was founded in Chicago in 1996 by a group of experienced leaders within the financial services space. The company grew rapidly, earning a stellar reputation within the debt collection industry by routinely exceeding customer expectations and collecting what others simply cannot.
Working in tandem with its clients, Brown & Joseph strives for continuous improvement to sustain its best-in-class performance through ongoing analysis, performance evaluation and investments in cutting-edge technology to return working capital to the companies it serves.
