Overview

Majesco's Premium Audit software is designed to assist insurance companies in verifying workers' compensation premiums by accurately calculating an employer's exposed payroll over a policy period. This process involves comparing the employer's estimated payroll against the actual payroll at the end of the policy year, ensuring that premiums are adjusted to reflect the true level of risk and exposure. By facilitating periodic reviews, the software ensures that the initial premium estimates align with any changes in business operations or payroll that may have occurred during the policy term.

Features and Capabilities

• Comprehensive Audit Information: Provides a detailed breakdown of audit data, including calculated exposures, employee details, payroll verification, and claims information.
• State-Specific Calculations: Performs calculations tailored to individual state regulations, ensuring compliance and accuracy in premium assessments.
• Intuitive Workflow: Breaks down the audit process into an intuitive, step-by-step workflow with easy-to-follow sections that auto-save upon completion, enabling efficient data collection and review.
• Automated Inspection Management: Integrates with AI-driven inspection management systems to predict and adapt to evolving risk trends, allowing for faster survey completions and underwriting decisions.
• Data Export Capabilities: Allows users to export data or content in commonly used formats such as Excel and PDF for further analysis and reporting.