Insurance Industry Expertise You Can Count On
Insurance companies face intensifying regulatory requirements in the midst of an uncertain economic environment and increasing competition. Declining returns on investments, rising loss claims, and credit rating downgrades also complicate the insurance industry’s ability to balance risks and rewards. Crowe Horwath LLP provides the resources and tools you need to address these and other formidable challenges with a full range of services that can help you:
- Implement effective controls
- Streamline operations
- Manage risks
- Improve financial performance
Crowe’s excellent reputation within the insurance industry and with industry regulators is based on a long track record of providing comprehensive and cost-effective audit solutions, and on decades of experience in financial services. Crowe focuses on solving the key accounting issues faced by insurance companies, helping improve the integrity of their financial reporting processes.
Crowe uses a stringent internal review process to assess the quality of each audit prior to issuing reports, and incorporates innovative technologies to enhance audit efficiency, facilitate collaboration, and reduce disruptions, while offering a comprehensive array of assurance solutions including:
- Financial statement statutory and generally accepted accounting principles (GAAP) audits;
- Securities and Exchange (SEC) reporting;
- Reporting on Controls at a Service Organization;
- Benefit plan audits;
- Agreed-upon procedures certifications for Medicare Cost Plans;
- Sarbanes-Oxley Act (SOX) and Model Audit Rule consulting;
- Forecasts and projections; and
- Agreed-upon procedures.
Crowe’s financial advisory services give insurance providers access to accountants, analysts, and examiners who have unique credentials to prepare, document, present, and negotiate settlements related to a variety of insured losses. Crowe understands the demands of claims processing and delivers your project on time and up to the quality standards required by insurers, courts, government agencies, and attorneys. Crowe’s insurance financial advisory services include consulting with you on:
- Medicaid pricing reviews;
- Claims preparation and validation;
- Damage assessments, including business interruption;
- Claims processing and management;
- Settlement fund administration;
- Fraud investigation;
- Expert consulting and testimony during insurance disputes; and
- Neutral determinations.
Crowe has wide-ranging experience in understanding and managing the tax impact of fair value measurements, other-than-temporary impairment (OTTI), and tax accounting and disclosure requirements, as well as a variety of other insurance industry tax planning and compliance issues. Whether yours is a monoline company or a more diverse U.S. multinational company with operations abroad, or a foreign multinational company with operations in the United States, Crowe helps identify opportunities to create additional cash flow, reduce effective tax rates, and increase stakeholder value. We offer you a comprehensive range of tax services, including:
- Federal tax;
- Multi-state and local tax;
- Tax compliance;
- Tax outsourcing;
- Internal Revenue Service: compliance for not-for-profit organizations(Form 990); and
- Assistance with forming a captive insurance company.
Crowe is one of the largest risk consulting firms worldwide, making Crowe an “end-to-end” provider of governance, risk, and compliance services. Crowe’s risk consultants work with some of the best known insurance providers. By evaluating key business risks unique to the insurance industry and your organization, Crowe helps insurance companies improve management effectiveness, increase confidence of regulators and stakeholders, and reduce the cost of capital.
Crowe’s highly trained information technology (IT), forensic, and internal audit specialists combine practical technologies and innovative processes to help insurance companies improve risk management and operational efficiencies. We can provide your company with an array of value-added risk consulting services for the insurance industry that include:
- Corporate governance;
- Enterprise risk management (ERM);
- Sarbanes-Oxley Act (SOX);
- Model Audit Rule (MAR);
- Internal audit;
- IT audit;
- Regulatory compliance;
- IT security and privacy; and
- Fraud prevention services.
In response to increased regulatory oversight, Crowe’s insurance industry performance management solutions offer benchmarking, document storage, electronic data entry, and customized risk dashboards. These can offer you insight on reducing costs and risks while increasing control and efficiencies.
Crowe’s comprehensive knowledge of insurance industry best practices and cutting-edge technologies – combined with decades of experience in project management, benchmarking, and performance analysis – provide the visibility you need to:
- Strengthen ties to customers with Crowe Industry Vantage® Accelerator Frameworks for brokers and agents, built on proven Microsoft® software technology;
- Boost efficiency through better information management, using data management software solutions from Informatica® and Microsoft;
- Acquire useful insights into expense, compensation, and other benchmarks to identify cost-saving areas; and
- Collect, store, share, and protect information, with enterprise content management (ECM) systems.
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Informatica is a registered trademark of Informatica Corp. in the United States and other countries.