Now that Q4 is in “full swing” and getting cases done for year-end is just 8 weeks away, we’d like to emphasize the importance of two aspects of the underwriting process.
SECOND—Client Education: Drop tickets are great tools but also relieve the advisor of filling out forms and obtaining data….and educating their clients on what to expect. Preparing your client for an Online underwriting experience, or telephone interview, or preparing properly for the insurance exam are STILL VERY IMPORTANT steps even with the accelerated process opportunities.
This week’s ONE Idea will focus on these two areas and how they help AgencyONE position your client’s case for the best possible underwriting consideration.
Securing the necessary facts early in the case evaluation process saves time. Your advance prep work also improves the chances for a successful outcome. Armed with ALL the necessary information upfront, AgencyONE can help minimize requests for additional underwriting requirements from the carriers and eliminate the “back and forth” that invariably causes delays AND negatively affects your client’s experience. AgencyONE knows you want to provide a seamless and uncomplicated experience for your clients. EDUCATING YOUR CLIENTS ON WHAT TO EXPECT engages them and results in a much smoother process for everyone.
AgencyONE has recently updated our Informal Inquiry to better obtain the information needed from your client to get them matched up with the right solution and carrier. Our revamped Informal is more specific, better organized, and easier to understand (find a copy of the Informal on your AgencyONE website’s personal Dashboard under “For Client Use” or contact AgencyONE for a copy). Your client’s Informal is very important, and its accuracy is crucial! Remember, we are happy to brand our Informal for your company – just provide us with your company name, contact info and high-resolution logo.
Client Preparation & Engagement is Everything
If your clients are prepared upfront about what to expect, the entire process will go much smoother for you and them and AgencyONE will be in the best position to advocate on behalf of your client should something unexpected occur.
Now that your client has “perfectly” completed the AgencyONE Informal package and you have a signed HIPAA, it might be time to just pick up the phone and CALL THE UNDERWRITING HOTLINE at AgencyONE. It may be that you can go right into a formal application, drop ticket or e-app instead of starting with an INFORMAL INQUIRY.
We’ve created helpful underwriting videos (check out and subscribe to our YouTube channel) entitled:
- “Interview Prep”— emphasizes the importance of why and how to prepare for the interview
- “Medical Exam Prep”– educates your clients on how to prepare for the exam and how the underwriters will evaluate their performance
- “Senior Supplement Prep” — helps your older clients prepare for the questions on the senior supplement exam
These videos were prepared as CLIENT FACING for your use. Viewing these videos, hearing the explanation of the process, and reading the corresponding print material in the Informal package will go a long way in preparing your clients. Statistics show that client engagement increases with the use of videos over the printed word, so please try to engage your clients.
APS Records & Copy Service Delays
Whether it’s your client’s medical records from their Doctor’s Patient Portal system or accessing lab results from the insurance exam, the information necessary for AgencyONE’s underwriters is literally a “click away.” AgencyONE created a one-pager that outlines how your clients can make ALL of their medical records easy for AgencyONE to access using the Human API (HAPI) Patient Portal. Our Informal package (page 5) also includes a step-by-step explanation on how a client can access their own carrier exam results. Both can be very helpful in possibly cutting down on APS record requirements and the copy service delays, both of which can affect the time it takes to process your client’s case.
Your education and encouragement will help your clients to be proactive in this process. Appeal to your client’s competitive nature. Tell them what they need to achieve – a cholesterol level of “X”, or a ratio of “Q”, or an A1C of 6.2 and an amazing thing happens. Because your client has a target – a goal – they are likely to engage in the underwriting process. Studies show that individuals who have access to their own medical records, including lab results, are more likely to actively participate in decision-making and protocols that promote positive outcomes. Communicating with your clients that they will pay less in premiums for their policy if they do well on their labs will very likely engage them further. The pocketbook is a driving motivator for most. Your clients recognize an economic impact through engagement!
Case Study #1 – Medical Records Retrieval/APS
AgencyONE’s Underwriters were presented with a Male, age 72, who resided in New York City and had medical records for retrieval at 3 different institutions. We utilized the Human API (HAPI) Patient Portal and received a total of 1136 pages of records in LESS THAN 24 HOURS! Record retrieval the traditional way WOULD HAVE TAKEN AT LEAST 6 WEEKS using a copy service and getting the necessary special authorization! Your clients can get their necessary coverage faster and you get your compensation quicker. TRY IT…. YOU AND YOUR CLIENTS WILL LIKE IT!
Case Study #2 – Field Underwriting for Kidney Transplant Client
AgencyONE’s Underwriters received a phone call asking us to create a template of questions for the client to address. These answers gave us merit to proceed. Using a thorough and complete informal inquiry, AgencyONE received a combination of HAPI portal records, direct responses from physicians about the patient/ client, and requested physician clarification letters where necessary. The client was prepped for the exam which was completed with SUPERB blood and urine results. As a result, the client placed $5 million of protection inside a trust.
Encouraging your clients to be proactive in the underwriting process, including preparing for the insurance exam AND obtaining their records, will help AgencyONE show them in the best possible light AND distinguish your services from a competing advisor.
AgencyONE has the necessary resources and knowledge to assist you in preparing and engaging your clients for a smooth underwriting process that will result in achieving their insurance planning goals.
Please contact AgencyONE’s Underwriting Department at 301.803.7500 for more information or to discuss a case.