Insurance Audit

What Insurance Audit does

Insurance Audit & Inspection Company (branded as Insurance Audit) is an Indianapolis-based independent risk management and insurance consulting firm founded in 1901 by Alvin Coate. The firm operates on a structural principle of never selling insurance or accepting commissions from carriers, which it positions as the foundation of its objectivity as policyholder counsel. Its services span nine core offerings: comprehensive risk management audits, portfolio marketing and bid specification, continuous (outsourced) risk management support, broker and TPA evaluation, M&A due diligence, feasibility studies for alternative risk financing structures, litigation support and expert witness work, claims reviews and audits, and risk management structure development. Delivery is consultative and on-site, with peer review built into every engagement.

The firm serves eight vertical segments, with healthcare (hospitals, clinics, physician groups, pharma, nursing homes), education (K–12 through higher education), financial institutions, manufacturing, and governmental institutions as primary markets, plus foundations, hospitality, and specialty retail as secondary verticals. Its geographic footprint is regional Midwest: headquartered in Indianapolis with a Columbus, Ohio regional office, and active service delivery across Ohio, Pennsylvania, and West Virginia. Distribution is direct via phone, website contact forms, and referral-driven outreach; the firm does not maintain disclosed partnerships or channel alliances.

The business model is professional services consulting, with free initial quotes and consultations converting into project-based and multi-year advisory engagements. The team is small (1–10 employees), with named principals holding JD/CPCU/ARM credentials. There is no proprietary technology platform, no funding history, no M&A activity, and no disclosed revenue; the firm is privately held and has remained independent throughout its 120+ year history.

Name

Insurance Audit

Legal name

Insurance Audit & Inspection Company

Website

https://insuranceaudit.com

Company type

Private

Founded year

1901

Operating status

Operating

Headcount range

1–10 employees

Short description

Independent Indianapolis-based risk management and insurance auditing firm founded in 1901, serving healthcare, education, government, financial, and manufacturing clients across the Midwest with on-site audits, advisory, and litigation support.

Ownership category

akta.pro rank

Product category

Insurance and Risk Management Consulting

NAICS

Other Insurance Related Activities (52429)

SIC

Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

Audit & Assurance Services (BPAHABAA)

Keywords

• Risk management consulting
• Insurance auditing services
• Insurance audit reviews
• Risk financing advisory
• Litigation support consulting

Headquarters

HQ city

Indianapolis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Risk Management and Insurance Consulting Services: Insurance Audit & Inspection Company generates revenue through professional consulting fees for risk management audits, insurance auditing, litigation support, and expert witness services. They provide independent counsel to policyholders and do not sell insurance or derive revenue from insurance companies, ensuring client objectivity. The company offers free initial quotes and consultations, with fees for ongoing advisory services.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Insurance Audit & Inspection Company provides independent risk management and insurance consulting services to organizations across multiple industries. Its core work consists of on-site risk and insurance audits, scrutiny of policyholders' insurance portfolios for validity and cost-effectiveness, continuous outsourced risk management support, portfolio marketing and bid specification, broker/TPA evaluation, M&A due diligence on insurance liabilities, feasibility studies for alternative risk financing, litigation support and expert witness work, and claims reviews.

Product overview

Insurance Audit & Inspection Company offers a single unified consulting service platform focused on independent risk management and insurance auditing counsel since 1901. The core offering combines comprehensive risk management audits, portfolio marketing and bid specification services, continuous risk management support, and specialized consulting including merger/acquisition support, feasibility studies, litigation support, and claims reviews. Rather than a modular software platform, the company delivers expert advisory services through their team of consultants with over 70 years of combined experience across multiple industries including healthcare, education, financial institutions, manufacturing, hospitality, retail, and governmental institutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Risk Management Audits Comprehensive process that identifies and evaluates client exposure to risk and loss, including on-site physical surveys, scrutiny of insurance portfolios, and delivery of actionable written reports with recommendations to minimize or effectively manage risk. Targeted at mid-market and enterprise organizations needing objective insurance counsel.
• Portfolio Marketing and Bid Specification Collects underwriting data and develops technically correct bid specifications, providing an apples-to-apples comparison in spreadsheet format along with recommendations for optimal coverage and cost. For organizations seeking competitive insurance bids.
• Continuous Risk Management Services On-call consulting services and support for risk management functions throughout the year, functioning as an outsourced insurance and risk management department at a fraction of the cost of a full-time risk manager. For organizations lacking in-house risk management resources.
• Insurance Broker, TPA and Service Provider Evaluation Analyzes a client's internal risk management structure, assesses needs, and provides objective opinion on service levels relative to commissions or fees charged; develops comprehensive RFPs for risk management services. For organizations evaluating their broker or third-party administrator relationships.
• Merger, Acquisition and Divestiture Consulting Pre-merger due diligence services that identify undisclosed self-insured liabilities, inadequate prior insurance, unresolved coverage disputes, liability exposures from previous acquisitions, and other insurance-related situations impacting shareholder value. For deal teams on M&A transactions.
• Feasibility Studies Assesses economic implications of alternative risk financing structures including self-insuring, creating captive insurance facilities, joining multi-owner captives or pools, or participating in rent-a-captive arrangements. For organizations evaluating non-traditional risk financing options.
• Litigation Support and Expert Witness Services Expert witness and litigation support services for insurance-related legal proceedings and disputes. Provided by staff holding CPCU, ARM, and JD credentials. For attorneys and organizations involved in insurance coverage litigation.
• Claims Reviews and Audits Review and audit services for insurance claims to ensure proper handling and settlement. For organizations seeking to validate claim outcomes or improve claims management practices.
• Risk Management Structure Development Establishment of internal risk management structures, frameworks, and policies within client organizations to formalize how risks are identified, managed, and reported. For organizations building or formalizing their risk management function.

Quantifiable outcome

• Organizations find audits essential to getting a top-down view of current risk strategy, insurance portfolio, and how risks are being managed
• +2 more outcomes

Segments8 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Hylant: Hylant is a privately-held insurance brokerage and risk management firm headquartered in Toledo, Ohio with deep Midwest presence. Comparable to Insurance Audit due to similar mid-market focus, integrated insurance advisory and risk management services, and concentration on healthcare, manufacturing, and education verticals.
• Woodruff Sawyer: Woodruff Sawyer is a commercial insurance brokerage and risk management firm headquartered in San Francisco. Comparable due to their advisory-focused, non-carrier business model, consultative approach to insurance program placement, and emphasis on mid-market client relationships.
• The Horton Group: The Horton Group is an insurance brokerage and risk management firm based in Orland Park, Illinois serving regional and mid-market clients. Directly comparable because of similar size, Midwest regional focus, and integrated commercial insurance advisory and risk consulting offerings.
• Brown & Riding: Brown & Riding is a specialty insurance and reinsurance wholesale brokerage providing placement for complex and hard-to-place risks. Directly comparable due to specialty insurance advisory model that complements, rather than competes with, retail brokerage channels.
• RPS (Risk Placement Services): Risk Placement Services is a specialty insurance wholesale brokerage and managing general agent placing complex and excess/surplus lines risks. Comparable due to specialty insurance advisory model and consultative approach to commercial insurance program placement.

Broad incumbents

• Aon: Aon is a global professional services firm offering risk management, insurance brokerage, and reinsurance advisory. Comparable as a broad incumbent dominating insurance brokerage and risk consulting, with significant overlap in claims review and risk financing services.
• Sedgwick: Sedgwick is a global claims management and loss-adjusting firm serving insurers, employers, and policyholders. Comparable as a broad incumbent offering claims administration and review services that directly overlap with Insurance Audit's claims review and audit offerings.
• Marsh McLennan: Marsh McLennan is the world's largest insurance broker and risk management advisory firm through Marsh and Mercer. Comparable as a broad incumbent offering overlapping risk management and insurance consulting capabilities, though vastly larger in scale and serving mostly enterprise clients.
• Willis Towers Watson (WTW): Willis Towers Watson is a global advisory and insurance brokerage firm offering risk management, insurance placement, and actuarial services. Comparable as a broad incumbent with comprehensive insurance and risk services that overlap with Insurance Audit's portfolio.
• Oliver Wyman: Oliver Wyman is a global management consulting firm with a deep insurance and financial services practice advising on risk management strategy, insurance operations, and regulatory matters. Comparable as a broad incumbent with consulting-led approach to insurance and risk advisory services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/insurance_audit
• Facebookfacebook.com/profile.php

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Insurance Audit