Concierge Underwriting and the $60 Million Life Case–Part II

This is Part II of an article (Read Part I here) that details an actual life insurance case submitted and placed through CreativeOne. Names and other identifying factors have been changed or omitted to protect the privacy of the parties involved. 

Concierge Underwriting to the Rescue

Pete’s case presented other challenges beyond its size, namely underwriting. He insisted on a standard rating, despite being over 60, a tad on the heavy side and a few hurdles with his medical history.

CreativeOne provided its unique Concierge Underwriting support to the advisor and the client. The Concierge Underwriting team is dedicated to providing specialized and efficient services for high-target life cases. Working with your Life Sales Relationship Manager, Life Sales Consultant, Case Manager and Chief Underwriter provide thorough and expedited service in a transparent manner. Services include:

  • Case design assistance
  • Building the medical file in-house
  • Completing preliminary underwriting summaries
  • Shopping the summary to potential carriers and determining the best fit
  • Obtaining tentative offers and helping advisors determine the most suitable product
  • Providing all the application paperwork
  • Expediting the case through the carrier underwriting process

CreativeOne’s team was able to get Pete rated as a Standard Plus.

“Without our concierge underwriting service, you’re really at the mercy of the carrier to get these things done.”

“I’ve been writing cases for 40 years and it’s hard to get cases like these through fast and fluidly. Things never got bogged down or delayed. The process to get the application through underwriting was tremendous. It was turn-key. [CreativeOne] took everything we put together and moved it through underwriting very quickly. That only happens because of the relationships they’ve developed.”

Mary Pierce, a CreativeOne Life Sales Consultant who has a medical background, was able to procure Pete’s medical records and compile his complete medical profile. Pierce set up the medical exam and even went as far as to guide the lost examiner by phone – from across the country – to the appointment.

CreativeOne has organized its sales support personnel into dedicated teams. Advisors work with the same individuals, which allows team members to better understand an advisor’s business. In addition, each team works autonomously, allowing for quicker decision-making and more efficient processing.

A Total Team Effort

Because of this autonomy, the CreativeOne Sales Team working on John’s case was able to do things to push the case along that normally wouldn’t occur at the broker general agent (BGA) level.

Team members were in constant contact with the carrier, the advisor and the attending physician on the case. Frequently communicating with all parties meant that the moment an issue or question arose; the CreativeOne Team could move quickly to solve it.

Once the client agreed on the recommended course of action, CreativeOne was able to provide an “informal” offer within six weeks.

Once the client accepted the offer, it took only 18 days to get the policy completed. Helping expedite the process was CreativeOne arranging to have the client’s six-figure premium payment wired to the carrier before the policy was issued. As noted earlier in this article, John wanted one less thing to be concerned with before starting his vacation.

“I’ve been writing cases for 40 years and it’s hard to get cases like these through fast and fluidly,” said John. “Things never got bogged down or delayed. The process to get the application through underwriting was tremendous. It was turn-key. [CreativeOne] took everything we put together and moved it through underwriting very quickly. That only happens because of the relationships they’ve developed.”

“Referrals and Opportunities Will Come From This”

John said working with CreativeOne on this case not only helped him sell this case, but will lead to further business in the future.Supporting life cases

“The level of professionalism and expertise we presented has provided a significant level of confidence with the client,” said the advisor. “I believe there will be additional referrals and opportunities that come from this. It’s going to help us really build our business.”

One team member strongly applauds the efforts of the advisor and says others can learn from his example when it comes to submitting large cases:

The advisor had close relationships with the client’s accountant and attorney, minimizing the conflict that often occurs between the disciplines. Rather than being territorial, the client’s key advisors worked together toward a solution which all parties could agree upon.

The Life Sales Relationship Manager had a strong relationship with the carrier representative on his case, which helped speed the process.

The advisor, according to our team, was always amenable when additional information or items were needed by the carrier or if some of the original case design had to be altered. “Instead of arguing with us or the carrier, he just said, ‘Ok, we’ll get it done.’ He was so great to work with.”

With the help of CreativeOne, the advisor wrote an extensive cover letter with the application. This helps the underwriters gain a personal understanding of the applicant and see the person behind the medical data. It’s like a prologue to a book.

CreativeOne continues to stay involved in the case. The advisor performs quarterly reviews with John, and the team provides updated data such as internal rates of return.

“We helped him sell it, but we’re not done by a long shot,” said the team.

If you know someone with impairments or need help convincing the underwriter of a financial viewpoint to package a case – look no further. The CreativeOne’s Life Sales Team has decades of experience, knowledge of carrier niches and in-depth industry talents that can improve case placement. Together, we’ll help you discover opportunities and conquer your toughest cases.

Call for a case consult with the CreativeOne Life Team and our in-house Chief Underwriter who has over four decades of experience and worked for the carriers with whom you do business.

FOR PRODUCER USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. ©2014 Creative One Marketing Corporation. Broker-Dealer and Investment Advisor services provided by Client One Securities LLC, Member FINRA/SIPC. Client One Securities LLC is a wholly owned subsidiary of CreativeOne.

13337 – 2014/4/17

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