Dealing with Underwriters/How Long Should It Take?

Mar 6, 2016

  1. InsuranceBrah
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    InsuranceBrah Expert

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    Ok so I'm currently at Massmutual and the underwriting just feels horrible. Out of 3 policies written so far they have all taken over a month to get one issued,One fell out. And now after finally getting the APS through on the thirs the underwriter is asking me about a mamogram that she was supposed to take in febuary. Im wondering why this should even matter unless there is something the aps showed concerned the Underwriter. The last thing i want to do after waiting for a month and rassuring the client we'll be ready soon is to go back for more info.

    Ive already lost one client that got tired of waiting, and the other only put up with waiting because she is my GF. If i lose this client its going to screw me.

    Is this normal? At NYL i remember getting a policy issued 3 days after meds. A total of a week.
     
  2. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    As far as the mammogram, it must be in the medical file. Therefore, because it is a RECOMMENDED procedure (either for a check-up or other reason) it needs to be done.

    Make sure you're timing your expectations based on when all the requirements have been submitted, NOT from the time the application is submitted. Yes, other questions come up and you are dealing with them.

    With underwriting, your job is to play dumb. Okay? Underwriters don't tell you why. They simply ask and you do. The good news, is that it's not like "The Charge of the Light Brigade" here.

    With your client, talk about underwriting as being the most archaic bureaucracy in the insurance world, so if they have questions, to sooner you get them answered, the sooner we move the case forward to a decision.

    As far as case turn-around time, it's all in how you spin it. Yes, it takes a while. Why? Because everyone wants "the best insurance from the best insurance company in the business". And they don't "become the best by making hasty decisions."

    So yeah, your job is to sell the company while waiting for the policy to be approved.

    BTW, I am assuming that you're scheduling your paramed exams at the same time you're taking the app, right?
     
    DHK, Mar 7, 2016
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  3. InsuranceBrah
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    Always. I'm finding however that "I" have to be the guy to call and find out that the doctors didn't receive the APS request 2 weeks in. Because If I leave it to back office it will be a month before I'm even notified of Underwriting issues.

    I lost the last client because I needed to get her to do part B on the application. It was a month before they told me that it was needed.
     
  4. TFMSINC
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    TFMSINC Expert

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    Having a good relationship with the underwriting department helps tremendously; not in every situation, but most. Nurture that relationship.
     
    Last edited: Mar 7, 2016
    TFMSINC, Mar 7, 2016
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  5. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    That 2nd part sounds like a training issue. Either it was your fault, or it was your agency, for allowing you to turn in an incomplete application.
     
    DHK, Mar 7, 2016
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  6. InsuranceBrah
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    They weren't very clear on who filled out the part 2 and when, in some cases its the paramed. Even explaining it after its overcomplicated. So i simply always fill it out now. The problem isn't that i needed part 2. The problem is I wasn't notified that it wasn't in good order until after it became a problem. Here I was waiting on the APS and finally after everthing is done they tell me its pending.
     
  7. walthamny
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    walthamny Guru

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    Just to add to the good advice here, if you just write 3 policies a month, your chances of making it in this business are not good. This is why they push you to write 10 apps a month. If you write 10 apps a month , 7 of them will get paid in about 6 weeks, 3 will get declined, not taken. If you write 3 apps a month only, you will be lucky to get one life case every quarter. You will run out of cash. So now whenever I get 3 apps that get stuck in underwriting, I don't sweat it. I know the next 7 will be problem free.

    Also all life declines are generally good candidates for referal if handled correctly. If the decline is family history, you want to meet all the relatives who are related. If the client has some health issues, that means they need to save differently than how Suze Orman suggests. They really need you. Roth IRA's, Variable annuities with benefit riders become important. You may get some mutual fund sales as well. It all counts at the beginning. My first mortgage lead at NYL was declined 11 years ago. I hated the feeling. That lady who has since passed away 2 years ago, has referred me 12 new households over time. Looking back, I wish I had 50 declines in my 1st year.
     
  8. AOKING
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    AOKING Super Genius

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    What was your strategy for getting introductions from your declines?
     
    AOKING, Mar 7, 2016
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  9. WinoBlues
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    WinoBlues Guru

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    Lost art of prospecting and relationship building.
     
  10. walthamny
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    I always have a prospecting mind set from the beginning. It really does not matter whether their life application is approved by someone. Every person I sit down will die someday and if they are just an average person, 200 people will attend their funeral. If I can get an introduction to just 5% of that list, or fail to get the other 95% and if I meet at least 30 new people a year, when you do things right, you will never run out of names. I don't have a specific question that brings referrals, I just have a prospecting mind set, I try very hard to smoke the first fact find and the rest follows. If someone is declined for life and I know they will never qualify in the future, I will try to get a copy of their group life policy and while at it all their other benefits information. Their group life policy is very important for them when they eventually leave their job. It is the only policy they will ever qualify again, it may be worth keeping or not, they just have 30 days when they leave their job to decide. Thats why they need to have a good relationship with you and be in constant contact.

    Since this a political season, you want your prospect base to be like Bernie Sanders or Mike Huckabee, not Like Hillary or Ted Cruz. Likeable persons give out better quality referrals. Difficult to approach but likeable prospects give both high quality and also large case referrals. I can't control the underwriting desk decisions, however, I have some control over who I sit down with.
     
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