I left off last week talking about the importance of the producer-client relationship when it comes to the successful outcome of life insurance cases. Next we explore the advisor and general agent or broker general agent relationship.
A BGA is a critical resource for an advisor in underwriting a difficult case, particularly with a BGA’s access to a broad range of insurance companies. It’s to a client’s benefit that the producer discuss the case with the BGA as early as possible for insight into possible client questions.
The BGA also needs to communicate regularly with the advisor regarding the status of the client’s file. While the file is pending, the agent may inquire about possible offers that may be forthcoming and there may be client questions, as well. This can present an extra challenge for the BGA as how to couch statements so they are not interpreted as promises of offers. At this point, the facts are still being gathered or the carriers’ medical departments have yet to complete their analysis of the case.
Working together, the advisor and the GA/BGA obtain all pertinent physician statements, lab results and hospital reports. It’s helpful to hold realistic discussions regarding outstanding issues, as well as the interest expressed by carriers in the case. It’s also important that the BGA know what’s possible with each carrier, including what’s expected and needed from the broker for the client and the ultimate placement of coverage.