One thing that most of us complain about is the “cycle time” for a policy to be issued. An area that experiences more than their share of criticism is underwriting.
Here is a tip that will certainly improve not just the underwriting experience but the consumer experience in terms of the initial client conversation, expectation setting, underwriting, and policy issue & delivery.
A couple things to keep in mind, Asset Care can be issued with table ratings for both morbidity and mortality to Table 8. And, if an Asset Care offer cannot be made, our underwriting team will automatically pivot to see if Annuity Care might be an option.
Our top producers regularly make use of our Pre-Underwriting Inquiry (PUI) tool. Simply, the PUI is a quick tool that our underwriters encourage to be used during the sales process.
After reviewing the Asset Care Ineligible Condition sheet and/or Annuity Care Ineligible Condition sheet for those knock-out conditions, complete the Pre-Underwriting Inquiry if there are health issues that are of concern. (The Care Solutions Underwriting Guide also shares a list of conditions that might be considered as insurable.)
With this program, you can receive an informal evaluation within 24 hours without taking a full application or submitting to full underwriting.
The objective of using the Pre-Underwriting Inquiry is to provide guidance to help
- develop a solution that more accurately reflects the health rating of the client,
- position the product solution if the policy is rated,
- identify those risks that might require additional underwriting requirements, and
- to set and manage clients’ expectations.
For a weekly idea, take part in the LTC Coffee Break every Tuesday at 10am (eastern & pacific) where in the time it takes to finish a small Dunkin Donuts coffee, Michael Florio and I share a conversation and a steaming hot brew with you.