Simplified Issue Underwriting
IBU has evolved to become a leading service provider in simplified and super simplified issue underwriting as insurance companies realize the power of telephone interview by an experienced underwriter.
Experienced IBU underwriters access MIB, MVR and Rx history while on the telephone with the applicant. Instinctively and intuitively, the IBU underwriter drills down on MIB, MVR and Rx hits while also asking all application and follow up questions. This powerful combination elicits a tremendous amount of information from the applicant while also reducing non-disclosure. In addition IBU underwriters make underwriting decisions at the end of the call, resulting in VERY fast turnaround.
IBU clients embracing simplified and super simplified issue underwriting experience rapid success. Companies are able to offer more competitively priced simplified issue products which is very appealing agents and consumers. In addition agents are drawn to the very fast turnaround and increased placement ratios.
Client Examples
The company wanted to find a way to provide competitively priced life insurance products to the middle market. In order to attract distribution and insurance applicants they needed to differentiate themselves from other companies. The company is achieving its objective by outsourcing most of its underwriting to IBU. Our underwriters review applications while checking prescription, MIB and MVR databases. Armed with this information, IBU underwriters conduct a telephone interview with the applicant, resolve any issues while on the phone, and make a decision upon completion of the telephone interview. Using the combination of an interview by an underwriter and an underwriting decision, this company is getting a significantly high percentage of its cases issued very quickly while providing competitively priced life insurance products to the under-served middle market.
A company currently in the simplified issue market wanted to find a way to provide more completive products and increase placement ratios while protecting mortality. Agents call into the IBU toll-free number while they are with the applicants and provide the IBU underwriter with information regarding the plan or rate class being applied for. The IBU underwriter then speaks with the applicant, obtains MIB and prescription database information, clarifies any hits and asks all of the interview or application questions. The IBU underwriter then gives the agent the rate class or product the agent should quote to the applicant. Agents love the process as they are able to adjust the face amount or product to the premium commitment during the initial sales call. Fewer not takens and faster commissions have resulted in satisfied agents and more business!
