I've just learned that I was sort of...slandered..at a recent conference sponsored by PAAS, the Premium Audit Advisory Service. At this insurance auditing conference, a group of insurance company auditors made a presentation about premium recovery companies, and listed my company, Advanced Insurance Management LLC, as one of them.
This "fair and balanced" presentation is online here, for your review and consideration.
In this presentation, the insurance company auditors reveal that...horrors...premium recovery firms are for profit enterprises.
Last time I looked, I believe insurance companies are also for-profit enterprises (well, all except AIG, which is now apparently a government subsidized system for vaporizing money.) So I don't see the point of trying to discredit the premium recovery industry on that score.
Mind you, I've long been critical of some of my "competitors" for their exaggerated claims and their unethical operations. And I've long advocated regulating the premium recovery industry. I've even written model regulatory statute and sent it in to the Illinois Department of Insurance, to no effect at present.
So I really don't like being lumped in with other companies, some of which are good and ethical professional service companies and some of which...are not.
But these insurance company auditors got to take some excessive verbiage from some of my competitors' websites and tar me with that same brush. That's just bush league.
While we're on the subject of PAAS, let me tell you a little about the Premium Audit Advisory Service. They publish manuals and materials for use by premium auditors so they can make sure they aren't making any mistakes that would cost the insurance companies money. Nothing wrong with that. But I don't own any. Not because I haven't tried to purchase them, but because PAAS refuses to sell their materials to anyone who isn't working for an insurance company.
That's right. PAAS, the organization that sponsored this presentation that questioned how the premium recovery industry operates, is afraid to sell their materials to anyone who doesn't work for an insurance company.
Now, as I pointed out earlier tonight in an email to one of the authors of this presentation, I've been doing premium recovery work for over 25 years. I've recovered millions and millions of dollars for clients---millions and millions of dollars that insurance companies had gotten from employers when the insurers weren't really entitled to it. And some of those millions of dollars in recovered premiums came from the very same insurance companies that employ the auditors who authored this presentation.
So their industry overcharges employers by hundreds of millions of dollars, but the ethics of my company are questionable.
Maybe I should be proud that PAAS doesn't like me.