When it comes to completing their premium audits, the majority of SFM policyholders find the process smooth.
In a survey of policyholders who completed online or mail-in audits, nearly 70% of the 736 policyholders who responded between Jan. 1 and Sept. 11 gave SFM 4 or more stars (out of 5) for ease of completion.
We have always worked to make the process as simple as possible, and in recent years added new features to MyPayroll, the online portal where policyholders can complete their annual premium audit.
“We pride ourselves on customer service at SFM, and that includes investing in technology and improving processes for our policyholders and agency partners,” said DeAnne Misgen, Premium Audit Team Leader.
SFM has an in-house premium audit team. This allows us to build a partnership with our underwriting team, agents and policyholders, and we can collaborate with underwriters on items such as proper classification of the business and selecting the correct class codes.
We can also advise policyholders on proper recordkeeping. During the audit process, we are often the first to get notices of updates, such as changes in operations, ownership, or employees located in new states. We alert the underwriter to these changes so they can work with the agents to make the appropriate policy changes.
“Our auditors often work with the same policyholders year after year, and develop a trusted relationship,” Misgen said. “And our customers appreciate that SFM employees complete the premium audit instead of outsourcing to vendor audit companies.”
Premium audit resources
If your policyholders have questions about the premium audit process, we have several resources that you can pass along: