Dealing with underwriting issues

One of the biggest problems for people new to the insurance industry (and even to some businesses not so new) is dealing appropriately with underwriting issues. There is often an unrealistic expectation that once an insurance application has been filled out by the client, and sent to the insurance company by the adviser, that miraculously the policy will be accepted and put into force without fuss. This is sometimes the case, however often additional requirements need to be arranged by the adviser such as:

• Discussing with the underwriting department whether certain exclusions or loadings will apply prior to application (pre-underwriting)
• Arranging blood tests
• Following up with a client’s doctor for a medical report (PMAR)
• Arranging for a client to see a specialist (cardiologist often for large sums insured)
• Getting financial questionnaire’s filled out by the client’s accountant (for self-employed often)
• Negotiating with the client to accept different terms on the application based on the insurance company’s underwriting assessment

And the above list is in no way an extensive list of the issues that will arise when trying to successfully complete an application on behalf of your client. At WHK Risk Management we have a dedicated team of 5 staff, all specialists in personal insurance, and focused entirely on ensuring that the underwriting process is managed properly and efficiently on behalf of your clients. It allows you the adviser to spend more time doing what you do best, seeing clients and running your business.