Life Insurance business process

Submitted by krishnapunekar on Fri, 08/29/2008 - 07:21

Hi,

Can you please help me in knowing what are the different stages in Life Insurance business process?

Example: Quote->Policy->?

I need to understand the entire business flow like, where does Claim, Underwriting etc.. fit in in the business process :?

Posted: 29 Aug 2008 10:23 Post Subject:

krishnapunekar, doing homework are you? Underwriting happens after the sale, and policy is subject to it's findings...claims of course, happen when they happen...not sure i'm understanding what exactly you need...

Posted: 30 Aug 2008 10:00 Post Subject:

Lori is right, underwriting takes place after the policy was sold. Underwriting is the process to evaluate the insurability of the applicant, coverage limit and premium rate. Also, it helps in determining whether the applicant needs extra coverage or not.

Underwriting is a back-end process, takes place in the underwriter's office. The underwriters are the professionals qualified to evaluate and ascertain the amount of risks involved in insuring the customer.

~Jeremy

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