Oil and Gas Industry Creates Unique Audit Challenges for Midwest P&C Company

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When it comes to working with the oil and gas industry, not everyone knows what a “horses head” is or what “rat and mouse” have to do with drilling a hole in the ground for the purpose of pumping oil. The nuances and idiosyncrasies involved with drilling for oil and gas made securing general liability audits challenging for a Midwest property and casualty insurance company doing 80% of its business with that industry.

Those challenges fell by the wayside when the insurer turned to VTAudit for help. By incorporating the use of our revolutionary X-Dox product, they were able to have audits completed and returned before companies doing them in a conventional manner with auditors scattered all over the map could even get the audit assigned and out into the field. With X-Dox, VTAudit has created a process that is fast becoming the benchmark for the auditing industry. Because of the efficiencies inherent in the process, we can dedicate groups to learning the subtleties of specific industries, thus eliminating guesswork by knowing what questions to ask, thereby reducing errors and cutting the turn around time on audits by as much as 50 to 75%.

In most cases, VTAudit can eliminate the need for costly and inefficient field audits. Our virtual platform allows experienced auditors working from home the ability to tie into our centralized database through our web-based HOTDOG system, which walks the auditor through the process and provides assistance in the form of classification descriptions and rules, and also provides easy access to supporting documentation such as Federal 941s, monthly payroll, etc. Our staff can conduct audits quickly, efficiently, and accurately. Knowing the industry, asking the right questions, and using our process has made our auditing staff second to none in getting results. And getting audits done correctly, and in half the time has made believers out of our customers, particularly our oil and gas specialist. Once you try X-Dox, nothing else will ever work as well.

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VTAudit can eliminate the need for costly and inefficient field audits.