Illustrative engagement. A representative scenario showing how we approach this kind of work in insurance. It does not describe a specific client; outcomes are described qualitatively.
Industry overview
What is shaping insurance
Insurance is bought for peace of mind and judged at the moment of a claim. Agents, digital journeys and claims experience shape trust.
- Many buyers do not fully understand their policies
- Claims experience defines the brand
- Agents remain important alongside digital
Client background
An insurance broking firm, working in India. This is an illustrative engagement: a representative scenario showing how we approach this kind of work, not a named client project.
- Organisation
- An insurance broking firm
- Sector
- Insurance
- Team engaged
- Finance & Accounts
- Services
- MIS & financial reporting, Audit & compliance support, GST services
Client challenge
Commission income from multiple insurers was difficult to reconcile.
Research objectives
- Deliver on the brief: financial reporting support for an insurance broker.
- Establish accurate, reconciled numbers management can rely on.
- Put a reporting and compliance rhythm in place that runs on time.
Target audience
Scope: Monthly.
Audiences we typically reach in insurance
Policy buyers and holdersClaimantsAgents and advisersProspectsScheme beneficiaries
Geographic coverage
Coverage: India. Market: India.
- India
Research methodology
A structured finance engagement: review the current process, set up controls, run the routine and report.
- 1Brief
- 2Commission reconciliation
- 3Insight
We reconciled commissions by insurer and product, managed GST and prepared monthly MIS.
MIS & financial reportingAudit & compliance supportGST services
Sampling strategy
- Every ledger, entity and transaction stream in scope was covered, with sample-based checks during review.
Data collection
- Source documents, bank statements and ledgers were collected through a secure shared workspace.
Data quality & validation
- Maker-checker review on all entries
- Bank and ledger reconciliations
- Client approval before every filing or report
- Supporting documents kept for every figure
Data analysis
- Variance analysis against budget and prior periods
- Ratio and trend analysis
- Cash-flow view for management
Key findings
- Reconcile commissions monthly, not yearly.
Recommendations
- Build on the core insight: reconcile commissions monthly, not yearly.
- Re-measure after the changes to confirm the effect.
Business impact
- The firm gained clear visibility of income by insurer and product.
What changed in the business as a result of the work. Impact is described qualitatively.
Deliverables & next steps
- Insight report and management presentation
- Monthly MIS pack and reconciled books
- Compliance calendar and filings
- Continue the routine and review results every period.
- A natural follow-on question: how was the claims experience?