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.
WorkComp Watch: News about Workers' Compensation Insurance, audits, classifications, coverage, and recovering overcharges.
2 comments:
Right on Advanced Insurance Mgt LLC! My company www.workerscomppremiumrecovery.com was also on the not refreshing PAAS "HIT LIST" as a "rebate company"
I was a Audit Reviewer and then a Premium Auditor for 15 years with the Ohio Bureau of Workers' Compensation. I have both a BA and MBA in Accountancy as well as my CPCU and completing my APA. I have been an underwriter and licensed staff person for major insurance companies as well in my earlier career.
According to my old college Webster's Dictionary, a "Rebate" can be defined as a discount or return of an amount paid. I do not offer any types of discounts. SORRY!! But, I do offer a service that corrects premiums paid by employers that should not have been paid in the first place.
I left the State of Ohio to offer Ohio employers an alternative resource to find accurate answers. Sometimes, they were having a hard time finding help.
I have found errors that are costing them considerable amounts of money. Their money.
All systems/companies do sometimes make mistakes. Oftentimes, the companies or in my case, the State of Ohio may lack resources due to stringent budgets to help employers find those errors.
I do not go up against "poor" insurance companies. I actually do not work against any insurance companies. In Ohio, Workers Comp is a state regulated requirement for employers with employees.
Had PAAS had accurate information and knowledge of my particular industry they would have known this.
Perhaps I will try to educate PAAS at their next seminar should they care to invite me.
A retraction and apology would be nice as I do consider inclusion of my company to be slander.
I agree there are companies that are not on the total up and up. Hello, have you been reading the papers?
But to just Google companies with a sneer and insinuate evil intention against insurance industry profits was just plain ignorant and inaccurate.
In the future, I will have to reconsider this organization as any source of quality knowledge of my industry especially in the State of Ohio.
Yes, I too am for the issuance of mandatory requirements of reviewers and look forward to the regulation of this industry. I am a firm believer in "Auditing the Auditors" and this presentation has served to enforce my beliefs.
Sincerely,
Rebecca Belcher, LLC Member
Workers Comp Premium Reduction and Recovery LLC
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