Audit engagement
Underwriting Application Financial Audit
A full financial reading of an insurance underwriting application pack before the risk is bound — numbers, declarations, and cover intent checked against each other.
Who this is for
Underwriting desks, binder managers, and brokers who need a second set of eyes on the financial substance of an insurance underwriting application before the market binds. Suitable for commercial property, liability, marine cargo, and specialty lines where declared figures drive rating and terms.
Result you receive
A written audit memorandum that states where the application’s financial picture holds, where it frays, and what should be clarified before bind. Findings are organised for the underwriting file — not as a sales pitch to the insured.
Scope included
- Review of application forms, schedules, and supporting financial statements provided in the pack
- Cross-check of turnover, asset values, payroll, or cargo values against the cover sought and limits proposed
- Notes on premium basis consistency (rating exposure vs declarations)
- Flagging of incomplete disclosures that affect financial exposure
- A findings summary with prioritised questions for the broker or insured
Scope excluded
- Actuarial pricing models or reinsurance treaty design
- Legal opinion on policy wording enforceability
- Full statutory audit of the insured’s books
- Binding authority on behalf of any insurer
How the work runs
- Intake — You send the pack (or secure link), line of business, and bind deadline.
- Scoping call — We confirm what is in scope and what is missing.
- File examination — We work through declarations, exhibits, and financial attachments.
- Findings draft — You receive a structured memorandum with open questions.
- Clarification window — One round of follow-up on material points within the agreed window.
Duration and delivery
Typical packs clear in five to ten working days. Larger multi-location or multi-class packs are scoped separately. Delivery is by secure email as a PDF memorandum; optional on-site discussion at our Phuket office or your Bangkok/Phuket meeting room.
Preparation
Provide the full application pack as submitted (or intended for submission), prior year figures if renewal, and any broker notes already circulated. Redact personal identifiers of individuals where not needed for the financial read.
Constraints
We do not start substantive work until the pack is substantially complete. Mid-engagement pack replacements may reset the timeline. Findings are advisory for underwriting judgment; they do not constitute a bind recommendation.
Fee basis
Quoted per engagement after we see pack size and complexity. See Fees for starting guidance. Next step: request an audit.