Sometimes the most frustrating part of being an Insurance Agent or Financial Representative isn't prospecting and selling. In fact, that part is fun. It is waiting upwards of 2 to 3 months for a policy to come out of underwriting. And even then there are no guarantees that the rating and premium you entered the client in at will be the one they come out with.
1.
Get to know your underwriters. This doesn't mean schmooze them or waste their time. They are very busy and acknowledge this. This simply means know where your applications go and who processes them. Do you have one person who works on all of your applications, or is there a team of people and any one of them will be working with you?
2.
Know policy requirements. If you do not have a list in your office, get one from your underwriter. Insurances are sold at band levels, and each level requires a more intense investigation. From a simple cotton swab in the mouth to resting EKGs and blood draws. Know what the medical requirements are and advise your client of what will be happening. Let them know that their driving and medical records could be accessed. By doing this, if there are any red marks in their files, you can save yourself a step by knowing ahead of time. Depending on the face amount you have sold, there may be a telephone interview to review information and ask more detailed questions. Prepare your client for this. If your client intends on replacing any existing insurance, that phone call is not the time to find out. Know beforehand so that you may have the appropriate forms filled out.
3.
Schedule the medical exam. Get to know which paramed companies work with your underwriters. While you are sitting with your client and advising them of the various medical tests they will have to have, go ahead and find out a good time for a nurse to come out. Certainly don't make it for the next day, but usually 2 weeks out is ample time for the underwriter to begin processing and place the order. When you submit the application for insurance to underwriting, include a note that the medical exam has been scheduled for March 15th at 8am. This step alone will save several weeks as the client is prepared and scheduled, the nurse is prepared and scheduled and the underwriters can spend their time focusing on another part of the application versus tracking this down for you.
4.
Fill out the medical section. Yes, many paramed nurses will do this for you. But wouldn't it be nice to know if someone had a heart attack or cancer last year and failed to tell you? How many times have you asked someone "How is your health? Any problems?" and they tell you "Great! No problems at all" and in their minds they are thinking "Great, since I had that quadruple by-pass surgery two years agono problems since!" By knowing this ahead of time, both you and the client can be more prepared that they are not going to come out of underwriting with a preferred-best rating. Depending on how much you know about the client's health beforehand, you can call or email your underwriter, let them know the clients age, height, weight and medical condition, and sometimes they can let you know before you start running illustrations if the person will be a flat out decline or severely rated. This will help you run more realistic illustrations and premium numbers and avoid the client canceling the policy when the premium you quoted doubles.
5.
Get details. When you are filling out the application, there are several questions that need to be answered. Questions pertaining to medical history, driving records, sports and recreation. If someone says they had several speeding tickets and a suspension. Get more information. The underwriter is going to ask for it anyway. In many cases, a couple of tickets is not a big deal, however, make sure the suspended license isn't due to an incarceration for being the driver in a fouled up bank robbery. Or if your client had surgery several years ago, be sure to explain the diagnosis, the treatment and how they are doing now. Sometimes having had a particular surgery to correct something is better than them not having done anything, and you will get a better premium rating. For example, someone with diabetes who has their insulin controlled by a pump will get a better rating than someone who has been floundering with shots and pills and can't get their insulin and sugar levels stable.
Underwriting is just as vital to your sales process as the actual sale itself. The more information you know and can share with your underwriters, the quicker this step in the sales process will go, and the quicker you will ultimately get paid. In addition, your clients will appreciate that you took the time to ask questions and coach them through the process, which can sometimes be intimidating as they are having their medical and driving records put to the test.
As a Top Seller in the Insurance Industry for many years, Christee Fontanez now works to build results-driven marketing campaigns for the independent advisor. FREE resources at:
www.mediadvine.com
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