Agent Help in Impaired Risk Underwriting

[Brian Anderson]

Just posted a new article (link below) about what agents can do to provide underwriters the type of info/complete info they need to increase the chances of impaired risk case placement. Please share your thoughts or examples of what works for you on this thread.

Insurance Forums | How to gather good intel and get that impaired risk case placed

 

[UW Guy]

Just posted a new article (link below) about what agents can do to provide underwriters the type of info/complete info they need to increase the chances of impaired risk case placement. Please share your thoughts or examples of what works for you on this thread.

Insurance Forums | How to gather good intel and get that impaired risk case placed

All good points but important to include...

-All providers seen for thornier health issues. PCP records don't always include everything I want to see; and something I just go straight for the oncology records (as an example) if that's the biggest and baddest bear in the woods. Or do you want me to wait for two sets of records?

-Trust but verify. If a guy tells you he's on Seroquel, Abilify, Lithium, Wellbutrin, and Xanax... his clinical diagnosis will probably not come down as depression. Check Google for off-label uses, but be careful not to jump to conclusions.

-If something is fairly recent be aware it might not be in the records. Sometimes a provider hasn't had time to review it and sign off on it and commit it into the records. If that's the case; I can't see it and I get to make your life more interesting. If that's the case; ask the insured to get a copy and submit it up. Saves us all time and headaches.

 

[Stevekobrin]

This is a great overview of the process, Bruce. I also appreciate the input from UW Guy. I would like to add these points:

1. Prequalification works very well when the MGA assigns an underwriter to the case right off the bat. Once the broker identifies the underwriting challenges, the underwriter can interview the client for quote details, and arrange to get records as needed. This way a true underwriting specialist can help make sure all quote info is thorough and accurate.

2. Cases that are higher-risk for non-medical reasons should also be pre-underwritten. These include issues with lifestyle, travel, vocation, hobby, and legal, financial, or motor-vehicle record.

3. Your point about brokers being uncomfortable getting follow-up info, or just not wanting to do so, is sadly true all too often. This is because many of us simply "slap an app" into underwriting to see if it sticks. However, when we are committed to procuring an approval at the rate quoted, we have an incentive to see the entire process through to the end.

4. I also get your point about removing suspicion from the mind of the underwriter. I always tell my clients that we need to help the underwriter feel confident that there will be no surprises in underwriting - and that full disclosure is the key for doing that.

5. Premium tolerance is indeed key to making sure we have a ready buyer. I also probe for other factors to make sure the need and timing are there as well. If someone has been shopping around, I need to confirm he or she has finally decided to make a "hiring" decision and work with me.

I want my ratio of quotes to apps to be as high as possible. This way my credibility with underwriters will be high and they will welcome my business.