Underwriter and Underwriting Tips

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PostPosted: Tue Oct 01, 2013 1:53 pm   Post subject: Underwriter and Underwriting Tips  

I want to take a moment to talk about Underwriters and underwriting and give you something to think about.



Underwriters are what make an insurance company work. They are a very important part of any company. They have a lot of power.



But there are some things that you need to know about them.



When you are brand new to a company, they will judge you by your first couple of applications that you write. Then will look to see if you tell the truth and put all of the health history down. This will determine which underwriter you will get assigned to from now on. I can usually tell which underwriter they assign to you, what they really think about you.



Examples, at PFL/PBL if you got Kay O. then you were a good agent. But if you got Monica, which meant that you were going to get an a.p.s and P.H.I. on every app and they were really looking at you very close.



The underwriters want to get as many applications out the door as they can. They try to go to the applications from agents that always tell the truth and put a lot health history down first. That way they can get the most applications out each day. Next they start working on the application from the agents that have history of not always putting down everything on the app or has been caught lying on an app. Or they assign the bad agents to a certain underwriter.



You are the eyes and ears of the underwriter. You are the field underwriter. Take some time to read the underwriting guide for any company that you are with. If you have a case you are not sure about, then call the underwriting dept and speak with them about your case and get a case assessment.



Try and get to know your underwriter. Always be nice to them. Never get rude with them no matter how mad they make you. Let them know that you will always try your best to put everything down on an app.



Example one time I was writing an application on an entire family that had young kids. I noticed they had a swimming pool in the back yard and I asked her about it and she told me that none of the kids could swim yet. So believe it or not, I wrote that down in the agents report. I wanted the underwriter to know that I would put down anything that I thought would help them. I knew that this would not change anything on the app and they would still get issued. But it showed the underwriter that I was always going to put all the details down. I noticed that my apps started getting issued faster and that I got assigned to a different underwriter and from that point on, I was on the good list.



If the client takes something for High Blood Pressure then write it down and give us the last two readings. If something is now under control, tell us. If they have something like arthritis, tell them how bad it is. Tell them the name of the last doctor they saw for any reason.



To review what I think is important and will help you with underwriters.



Never lie on an application for any reason.

Get to know the underwriters.

Don’t be afraid to talk to them and get to know them.

Read and study the underwriting guide.

Put all of the health history down on the app with details.

You can also use the agent report to talk to an underwriter or give them notes.



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PostPosted: Wed Oct 02, 2013 5:44 am   Post subject:   

Good and insightful info Mark! Thanks for sharing...Smile



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PostPosted: Thu Oct 03, 2013 3:34 pm   Post subject:   

Quote:
Examples, at PFL/PBL if you got Kay O. then you were a good agent. But if you got Monica, which meant that you were going to get an a.p.s and P.H.I. on every app and they were really looking at you very close.


PURE BS. Why would underwriting be concerned about an agent and not the applicant for insurance? If an agent is found to be misrepresenting information on applications, the agent is terminated.


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PostPosted: Fri Oct 25, 2013 2:12 pm   Post subject:   

Max how long have you been an underwriter? Try asking an underwriter if they also judge the agent. If you like I can give you the phone number to some underwriters and you can ask them. I have 7200 plus insurance agents and I speak with Underwriters all day long. If you like, give me your phone number and we can three way you and let them tell you this.



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PostPosted: Sat Oct 26, 2013 12:27 am   Post subject:   

If underwriters are making judgments about an applicant based on the agent and not the applicant, that is discriminatory and an unfair business practice. If uncovered by any of the Departments of Insurance, the practice will result in administrative action against an insurance company.



On the other hand, I see you represent an IMO. If you are talking about your own in-house underwriters, then what you are describing is an "adverse selection" violation on the part of your firm. It can result in similar administrative sanctions.



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PostPosted: Mon Oct 28, 2013 1:47 pm   Post subject:   

Did you read anywhere where it says, anything about applicant? Reread it again. It says, the underwriters judge the agent.



Max, I dont think you get it. Good Luck to you!



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PostPosted: Mon Oct 28, 2013 2:51 pm   Post subject:   

Quote:
Did you read anywhere where it says, anything about applicant?
YES:



Quote:
at PFL/PBL if you got Kay O. then you were a good agent. But if you got Monica, which meant that you were going to get an a.p.s and P.H.I. on every app and they were really looking at you very close.


Sorry, but those are your words not mine. Unless something has changed since yesterday when I went to sleep, "APP" refers to the person wanting insurance -- i.e., the APPLICANT -- not the person selling it -- i.e., the "bad" agent. Perhaps YOU aren't "getting it".



If underwriting is calling for APS and PHI because of its distrust of an agent rather than application information about the applicant, then that is discriminatory on the part of the insurer.



Please post publicly the name of the insurance company that is doing this so I can file complaints with the Dept of Insurance or possibly even find an attorney who wants a truly great class action lawsuit.


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PostPosted: Mon Oct 28, 2013 10:43 pm   Post subject:   

Interesting:



Quote:
I have 7200 plus insurance agents and I speak with Underwriters all day long




Mr. Rosenthal, please explain what you mean by this. Are you an underwriter? And, if so, you have 7200 agents doing what? In which states? Selling which products? With which companies?



Do you interact with every application submitted by your 7200 agents? If not, what is the approximate percentage of cases in which you personally communicate with underwriting? 50%, 75% 90%.



Underwriting aside; Are you also responsible for the ethics and fair business practices of 7200 agents? Do you personally oversee this area as well?



Although I've never worked as an underwriter, I've been recognized as an expert in several areas, including:



Professional Risk Management, 2010

Legal Concepts of Insurance, 2012

Insurance Contract Law, 2012

U.S. Insurance Law, 2012.



Mr. Rosenthal, I'm no longer much of an insurance salesman. I work to expose/prevent fraud within the industry - and I'm often busier than I'd like to be. Oh, and by the way, Max and I have been working together for several years and he's paid quite a bit of money to know more than most people selling insurance or managing agencies.



It's relatively easy to find me. You go into Google and type in the words Life Insurance Fraud Investigator. Unless something has changed, my website will be at the top of the page.



Disclaimer: I'M NOT SUGGESTING OR IMPLYING THAT YOU OR ANY OF THE THOUSANDS OF AGENTS YOU PERSONALLY CLAIM RESPONSIBILITY FOR ARE BREAKING ANY RULES WHATSOEVER.


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Please feel free to go to my website at www.markcolbert.com or, if you have a specific question, you can email me directly. I hope I can answer any questions you might have. If not, I can certainly find an answer right away.
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