Underwriting. Working Accurately and Efficiently

Transcription

1 Underwriting Working Accurately and Efficiently

2 2 types of Underwriting 1. Field Underwriting (Before the Sale) Phone In Person Electronic Communication ( , text, etc.) 2. Post Sale Underwriting Submitted to Insurance Company Open Requirements Conversation & Listening are key to uncovering the Facts of your prospective client.

3 Field Underwriting Need to Know Who is going to be covered? Ages? Any RX? What for? How often? How Long? Tobacco Use? Height & Weight? Any surgeries or hospitalizations past 5yrs? DUIs? Is there any reason you think you wouldn t qualify? These answers give you an idea on what company you will be able to help with.

4 Post Sale Underwriting Need to Know How to check business? When? Terms? (PHI, MIB, Motor Vehicle, APS) Who to Call? When to Call? Ordering Exams? What to Order? Amendments / Delivery Requirements Business issued = $$$$$$$$$$

5 Underwriting Guide-Assurity Each Product has its own underwriting guide

6 Underwriting Guide-Assurity Qualifications Height/Weight Health Conditions & additional information needed

7 Underwriting Guide-Surbridge Downloads to PDF

8 Underwriting Guide-Surbridge

9 Underwriting Guides Read them!!! Have them Saved!!! Use Them!!! Be Prepared!!! Knowing underwriting guides are just as important as knowing the products.

10 Telephone Interviews (PHI) Prep your client Random Answer Yes or No Don t self Diagnose (Web MD) Be truthful & honest (They know) Know the info on the application

11 Telephone Interview # s and Times Assurity (877) Mon-Thur 8am-10pm Friday 8am-7pm Saturday 10am-2pm Surbridge (800) Mon-Fri 8am-5pm *There is a possibility that the client may have to leave a message for call back for Surbridge.

12 Checking Business in Underwriting Assurity

13 Checking Business in Underwriting Surbridge

14 Common Underwriting Open Requirements MIB (Medical Information Bureau) An in site into you medical background. Most insurance companies will request an MIB. Most of the time this open requirement there isn t anything you can do to speed up. (24-48 hr.) Exception: Insurance companies may suggest your client to get there MIB themselves if the client thinks there is a discrepancy. Script Check- A look into the RX currently taken or have taken in the past. Most insurance companies will request. This open requirement there isn t anything you can do to speed up (24-48hr) Motor Vehicle Record Driving record verification (24-48hr) These are your most common requirements that an insurance company will require and in most cases are mandatory before decision is made.

15 Additional Underwriting Open Requirements Referred to Underwriting- Case has been turned over to an underwriter to check information collected 24-48hrs APS (Attending Physician Statement)- Doctor records are needed to clarify information. Phone interviews and client being prepared for these interviews can help eliminate some of these requirements. Once APS is ordered you can help speed up the process by having your client contact the doctor to ask them to send ASAP. 30+days Paramedical Exam/Blood Profile/EKG- ParaMed exam results. Days? Anti-Money Laundering- Typically for Cash Value policies. Assurity will require you to take there Anti-Money Laundering. from carrier to complete. 24 hrs to receive Agent Correspondence- Information need by insurance company typically can be called in by agent for verification. Example: Acci-Saver (Occupational Duties)

16 Amendments & Delivery Requirements Amendments- Most amendments we are getting sent to us so you do not have to wait for policy to be mailed Examples: Occupation details, Personnel Info (SS#/DOB), Change in benefits, Removal of Riders Delivery requirements- These items most of the time have to wait for original in mailed policy Examples: Delivery Acknowledgment & Agreements, Signed Illustrations, Approved Special Class acknowledgments Rule of thumb: If it s an Amendment we can get for you. If it is Delivery Requirement it must wait original in policy

17 Key Contacts & Process for Issues Assurity (800) Underwriting Ext AC Financial Group (Andy) Surbridge (888) Customer Service 2. Jesse Brewer 3. AC Financial Group (Andy) *To avoid issues make sure your Field Underwriting is excellent

18 Para-Medical Exams If a Para-Medical exam is needed and it is our responsibility to order the exam, follow these steps. Exam One Info Needed: Client Name, DOB, Address, Insurance Co., Phone #, Product Knowing what product is being applied and Exam One will know what tests are needed for the insurance company Order only after application has been completely submitted to the insurance company 2. If your client would like to go into an office Exam One has pre-approved offices in most areas.

19 Working Accurately and Efficiently Increase your ROI (Return on Investment) Come to a Conclusion sooner Decreases underwriting time Lessen return trips Issue Faster Everyone we meet thinks they are healthy but surprises arise. What they think is healthy is not always how the insurance companies look at it.

20 CI BONUS FOR AUGUST Assurity: *Simplified CI *Fully Underwritten *Worksite *Non-Med or Med 350 Term w/$50,000 CI rider+ 5 apps $ apps $250 $ apps $500 $ apps $1,00 $1, apps + Dinner at Morton s Steak House *If you wrote at least 1 CI in July you qualify for August Bonus