How many of us have had heavily rated, postponed, or declined applications for our clients? Sometimes, it's for reasons both you and the client were unaware. Other times, it may be something we missed during collaborative discovery with the client. Field Underwriting is crucial, as this essential process helps increase the probability that every application has the best chance for approval at the rate we are quoting - or better.
So, what exactly is field underwriting? It’s basically the first line of defense in the underwriting process, where the agent/advisor gathers initial information and makes a preliminary assessment about an applicant's insurability. It includes asking detailed questions about the applicant's health, lifestyle and history to identify any potential risks early in the process.
Proper field underwriting helps you and the client in many ways. It streamlines the application process by reducing the likelihood of delays with additional requirements. It can assist agents and advisors in matching carriers and products based on the client's goals and current health. It also gives the client realistic expectations on how their condition(s) can affect the final numbers. Being honest and transparent with the client about the entire process fosters trust, making placement of a rated case with your client that much easier.
How can we help? UMS has developed the tools, resources and carrier relationships to help you find the best solution. Whether it is in-depth questionnaires for a specific medical condition, finding a carrier more favorable towards certain medical conditions or speaking with underwriters directly based on your fact-finding, the end game is getting you the information when you need it, and giving your case the best possible chance for fast approval with little to no surprises.
Any questions please feel free to contact Chris Davidson at 800-524-1774.
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