Three Tips for Successful Field Underwriting

Good field underwriting is critical in the life insurance sales process for clients, producers and insurance carriers alike, as it allows producers to set realistic expectations for their clients.

When the client knows what to expect, the underwriting process is smoother, less confusing and less time consuming for all parties involved. For a producer, good field underwriting can help build credibility and boost his or her reputation with the client, home office and the underwriter of their case. Most importantly, well-done field underwriting can lead to better case ratings, which everyone appreciates.

Now the question is: where does good field underwriting begin? To answer that, I’ve outlined three tips to follow.

  1. Get to know your client.

You should be able to identify the purpose of the insurance being applied for, as well as the source of the premium. For older clients, more common sources of payment include trusts or RMDs (if they’re retired). Does the client have major medical issues such as diabetes, heart disease or cancer? If so, ask for the dates and details of treatment. It will also be helpful to the underwriter if you can articulate your relationship to the client. How long have you known each other and how did you meet? Is he or she a friend, referral, neighbor or colleague? Verifying the client’s identity builds credibility for the sale as legitimate business.

  1. Write a cover letter.

Before you submit the application to the carrier, write a cover letter. A well-written cover letter clearly indicating the purpose or need for the insurance provides useful information that can expedite the underwriting process and prevent delays. Depending on the situation, the cover letter can be short and sweet, including basic information obtained in the initial fact-finding meeting with your client and noted in the previous tip. In larger or more complicated cases, the cover letter may include how the amount of premium was determined, details of special ownership or beneficiary arrangements and even an indication of any discrepancies between the agent and the carrier.

  1. Develop a relationship with your CreativeOne team.

Our life sales consultants are very knowledgeable about the products available and requirements or forms needed for submission and our relationship with the carrier can be far more helpful than you know. With our expertise, we can help ensure your order is received as soon as possible. Additionally, our life case managers are available to discuss specific cases so you are more informed about medical conditions, what kind of time may be involved in the process and what the possible outcome may be.

Let these tips be a guide to help you make the field underwriting process easy and hassle-free. We are the eyes and ears of the carrier and play a vital role in the process, so make sure you know the best practices. Contact your life sales relationship manager at CreativeOne at 800.992.2642 for more information.

FOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR USE WITH GENERAL PUBLIC.

CP-0653 — 2015/10/27

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