Our underwriting is a game changer
Our state-of-the-art underwriting is designed to help you drive sales. On every case, we will objectively assess the risk, while also striving to deliver the most competitive underwriting decision available in the industry. This approach to field underwriting provides life insurance professionals with unparalleled transparency AND commitment to excellence throughout the policy life-cycle process. We have even been able to place business other underwriters said could not be placed. Here’s how our underwriting provides a different kind of field underwriting experience:
Home Office Underwriting Background We have extensive experience in Senior Underwriting roles at major life insurance companies. The combination of this former home office experience and our solid carrier relationships generates impressive underwriting decisions on even the most challenging cases and hard to place business.
Our Proven Methodology
We benchmark against 25+ major life insurance carriers and use our innovative packaging/staging techniques to yield competitive and timely underwriting decisions. If an issue develops regarding the rate classification received, or an additional underwriting requirement, we are not hesitant to engage the underwriter and/or management to try and resolve the issue. We may also provide additional research our clients can use in discussing the case with underwriting. If the issue cannot be resolved, we will try and find an alternative carrier in the marketplace to place the coverage. These efforts significantly reduce the risk of our clients losing business to other producers with more competitive pricing.
- Discuss the objective of the sale, the target rate classification, known health concerns, lifestyle, insurance activity, etc.
- Submit quick quote if sufficient information is provided at this time and an initial perspective is required.
- Collect/secure all medical records, informal app, HIPAA, financial information (if applicable), and any age/amount requirements already secured. TFP Brokerage does provide an APS retrieval service, or we will accept any APSs already secured by our clients.
- Determine a likely underwriting decision.
- Identify possible underwriting issues with viable solutions to overcome these underwriting issues.
- Benchmark suitable carriers based on sales objectives and our Assessment.
- Perform a Summary and/or Cover Letter, if applicable.
- Assemble all underwriting requirements, medical records, and service(s) to effectively stage the case with the carrier(s).
- Maintain an active dialogue with all necessary parties to the insurance transaction (i.e. client, staff, sales office, insurance carrier, etc.), throughout the entire policy life-cycle process.
- Negotiate for "best-in-class" underwriting decision and see the case through to the end.
Concierge Underwriting This cutting-edge approach to field underwriting provides our clients with access to expert underwriting consultation and unwavering support throughout the policy life-cycle process. We will leverage our extensive carrier relationships, benchmark against 25+ carriers, and make sure we explore all options to deliver the most competitive underwriting decision available in the industry.
Summary/Assessment This innovative approach to APS summarization is intended to highlight favorable aspects of the client’s medical history, while also aligning with the standards of the corporate underwriting environment. We do not use esoteric terminology or incorporate medical history that is irrelevant from an underwriting perspective.
This separate section includes the following: 1) a potential underwriting decision, 2) rationale for possible underwriting decision, 3) rate improvement opportunities, 4) outstanding information, and 5) suggested carriers with best possible underwriting decision.
Professional Cover Letters Submitting a case without a cover letter is no different than applying for a job without a resume. You want to highlight your client’s favorable risk factors so the underwriter can incorporate this information into his/her assessment before the file is documented. Submitting a case with a cover letter can mean the difference in the sale and significantly improve the underwriting offers for your clients. They also provide valuable documentation for discussions with clients and/or the advisors.
APS Retrieval – 10 Calendar Days on Avg. No tricks and no stoppages! Our APS Retrieval service is faster than the industry average at only 10 calendar days from order to receipt. We are also able to quickly secure physicians' letters given we have already established a relationship with the physician’s office. This reduces the chance of there being a change in your client’s health during the underwriting process, and losing a case because of poor service. This service is only available in conjunction with other service requests.
Case Screening Clients looking for us to review the case and provide an assessment without a cover letter or summary can certainly do so. We will provide our Assessment for each case and include 1) a possible risk classification, 2) potential underwriting issues/solutions, and 3) carrier recommendations. These cases do not warrant our comprehensive APS summaries based on the size of the file and/or target premium, and are not intended to be passed on to the insurance carrier(s).
At TFP Brokerage, we treat every case with the same care and diligence. Improve your placement rate.