AM Best ranks Plante Moran among the top firms serving the insurance industry
If you are looking for accountants, tax specialists, and business advisors to help you deal with the “new normal” in the industry, you should consider the insurance team at Plante Moran. AM Best ranks Plante Moran among the top firms serving the insurance industry so you can trust our professionals to have the experience and industry-specific knowledge your company needs to navigate the dramatic economic, competitive, and regulatory changes it is facing.
Even before the recent financial crisis, the National Association of Insurance Commissioners (NAIC) had enacted the Annual Financial Reporting Model Regulation. With very similar requirements to Sarbanes-Oxley, this new model regulation calls for enhanced governance oversight in response to the growing sophistication of financial reporting and the need for strong internal controls to ensure the quality of information going into financial statements.
Good reporting can bring strategic insights
Our insurance industry specialists can help your organization comply with the increased reporting demands. You will appreciate that they can help you use this demand for more information as an opportunity to improve reporting processes, imbed risk management techniques, and better generate the type and quality of information you can confidently use in your decision making.
You will especially appreciate the ability of our operations and process improvement specialists to help you re-engineer your processes and increase your efficiency so that you generate data that is integrated into your organization’s strategic plan.
Efficient processes can give you the competitive edge
Besides giving you the information you need to gain strategic insights, the newly efficient processes can help you contain costs. In other words, they can give you the competitive edge on many fronts.
You can depend on our insurance team to collaborate with specialists within Plante Moran to provide a range of services including tax planning and compliance, guidance on IFRS issues (International Financial Reporting Standards), strategic and business planning, and technology consulting.
You can rely on our specialists to keep abreast of developments in IFRS and how they affect insurance industry accounting issues such as solvency and insurance contracts. You can also depend on our technology consultants to help you with privacy concerns. Recent provisions added to the Health Insurance Portability and Accountability Act (HIPAA) and the Financial Services Modernization Act (FSMA) require insurers to take additional steps to safeguard
the privacy of individual information.
Experience means you can depend on us
The insurance team serves more than 50 regulated insurers and pooled insurance funds, whose annual premium billings range from $1 million to $2 billion. Their clients include: health insurers, property and casualty providers, specialty carriers/AFDS plans, HMOs, government pooled funds, and industry pooled funds.
- Enterprise Risk / Internal Audit / Model Audit Rule Compliance
- IT Security
- HR Consulting
- Facilities Strategies (CRESA)
- Investment Monitoring
We’ll couple our core services — audit and tax — with other specialized services such as business process improvement, SSAE 16 internal control evaluations, and HIPAA consulting to help you turn challenges into opportunities and, ultimately, make better business decisions.