Insurance Services

Our Expertise

An evolving insurance landscape requires advanced strategies and focused expertise

The insurance industry faces significant external pressures. Costs continue to mount from more frequent and severe natural disasters, changing consumer expectations, and technological advances — not to mention rising healthcare costs. As if these challenges weren’t enough, rapidly changing regulatory requirements mean that remaining in compliance is more complex than ever. To gain a competitive edge, insurance providers need a comprehensive strategy that addresses all these issues — and an expert to show them the way.

Insurance audit, tax, and consulting solutions powered by industry experts

Financial statement audits, tax compliance and reduction strategies, technology assessments, and operational improvements — our experts do it all (and more). Our more than 80 insurance professionals specialize in the industry, so they come equipped with a deep understanding of the issues you face and the technical expertise and resources you need to solve them. We serve more than 200 insurance clients nationwide, including property and casualty, health and dental, and life insurers, as well as warranty providers, captive entities, large agencies, brokerages, and public insurance carriers.

Simply put: We’re proactive, responsive, highly trained, and feature more senior-level staff on our teams, so you receive a smoother, more efficient engagement. Ranked by A.M. Best as one of the top firms serving the insurance industry, Plante Moran can help you achieve and maintain compliance, make more informed decisions, and grow your bottom line.

A changing insurance industry demands a change in strategy

Insurance providers face an uphill battle, from multiple directions. There’s increased scrutiny of internal controls by regulators, sophisticated cyberattacks to ward against, and new laws and standards to comply with. Our experts can work with you to reassess operating models and develop adaptive solutions that keep pace with change. Here’s how:

Identify security threats, maintain data integrity, and drive digital transformation
Do you have confidence in your people, processes, and technology to protect against cyberthreats and future-proof your organization? Our IT audits assess the current state of a technology environment and generate recommendations for secure, flexible, and scalable IT infrastructure. We can also support your continued journey toward digital transformation with software selection, vendor negotiation, and implementation.
Improve decision-making, detect fraud, and boost customer satisfaction with data analytics
Insurance companies have access to more data than ever. But if the data doesn’t translate into better claims analysis, it won’t be of much benefit. Our data and analytics experts can help you capture, collect, analyze, and securely store your data so that it’s properly integrated with data visualization tools and dashboards. You’ll receive real-time insights to inform actionable strategies for better decision-making.
Leverage M&A opportunities for sustainable growth
Are you considering or pursuing any mergers or acquisitions? Our transaction advisory professionals can conduct due diligence to confirm it’s the right move for your organization. We provide support across all facets of the M&A life cycle, including financial analysis, technology integration, IT strategy, operational assessments, and employee benefits consulting.
Make informed decisions by understanding tax compliance consequences
Collectively, ASC 740 and SSAP 101 require insurance companies to maintain accurate and transparent financial reporting, comply with regulatory requirements, and effectively manage financial health. Our tax professionals can evaluate your compliance with these provisions so you can avoid tax risks and maintain financial stability.
Mitigate risk with a proactive plan and realize value
Unpredictable risks — such as inclement weather, emerging viruses, and market volatility — can cause serious disruption for insurance providers. An internal audit can provide an unbiased assessment of your processes and controls for mitigating these risks. We can also help you develop and implement an enterprise risk management (ERM) policy to protect your business, customers, and reputation.
Safeguard operations and protect sensitive data from emerging threats

Without effective internal controls, your organization is exposed to cybersecurity events that can damage your reputation and incur regulatory penalties. SOC reports offer independent third-party assurance that your controls are effective and secure, but without the right guidance, it can be difficult to know where to start. Our SOC examinations identify weaknesses in internal controls and provide remediation options to prepare you for a formal assessment.

Understand and adhere to the Model Audit Rule (MAR), avoiding potential fines and legal issues
MAR mandates that insurance companies exceeding certain premium thresholds implement standards for corporate governance and internal controls over financial reporting. If you’re approaching the MAR threshold but lack the required infrastructure, our consultants can help you develop and implement processes to comply with MAR regulations. You’ll also avoid potential penalties and loss of trust from customers and investors.

Our Offerings

Audit

Our tailored approach offers value beyond compliance while meeting year-end deadlines.
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Cybersecurity and technology

From IT audits to SOC examinations, we evaluate your controls so you can manage cyber risks.
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Due diligence

We help evaluate and plan the financial, operational, and contractual aspects of your transaction.
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Tax strategy and compliance

We help manage compliance requirements and use tax credits, incentives, and deductions.
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Enterprise risk management

We review your strategic plan, management, focus, and internal controls through the lens of risk.
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Data and analytics

We assist health insurance companies with managing and analyzing key performance indicators.
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Business leaders: You can’t avoid risk — so don’t. Learn how to risk the right way.

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Client Experience

Delivering exceptional client service based on trust and expertise

When you choose to work with us, you can expect a team that specializes in serving insurance clients. Our knowledgeable professionals stay at the forefront of industry trends and developments, delivering custom-built solutions that fit your specific needs and the changing insurance landscape. Our active involvement in professional associations like the IASA — where we hold national and chapter-level leadership roles — demonstrates our commitment to the industry and our personal investment in our clients’ success.

Practice leader Michelle Goss knows this makes a difference: “We have a passionate team of experts who have honed their skills serving some of the nation’s top insurance providers. But it’s not just a matter of expertise — it’s the collaborative nature of our staff and client relationships that translates experience into value, trust, and confidence in your organization’s future.”

Our clients say

PM’s knowledge and expertise has been a significant benefit to us. The team has helped us manage risk and knows exactly how new audit standards will affect both the insurance industry overall and our individual organization. Our transition to working with Plante Moran was as close to seamless as you can get. Everyone was competent and committed to our success, evidenced by their responsive, helpful answers to a variety of questions related to our business. The audit and tax teams communicate openly with each other and us, which creates efficiencies for my team. I’ve been impressed by the extent to which our team has engaged with our audit committee. The relationship they’ve built has increased confidence in the audit and results, and has set them apart from other professionals we’ve worked with.

Mark Anderson
Chief Financial Officer, Delta Dental of Arizona