Good field underwriting is critical in the life insurance sales process for clients, producers and insurance carriers alike. It allows producers to set realistic expectations for their clients. When the client knows what to expect, the underwriting process will be smoother, less confusing and less time-consuming for all parties involved. For a producer, good field underwriting can help build credibility and boost his or her reputation with both the client and the home office underwriting the case. Most importantly, it can lead to better case ratings, which will be beneficial to everyone involved.
So, where does good field underwriting begin?
>> First, get to know your client. You should be able to identify the purpose of the insurance being applied for as well as the source of the premium. For older clients, more common sources of payment include trusts or RMDs if they’re retired. Does the client have major medical issues such as diabetes, heart disease or cancer? If so, ask for the dates and details of treatment. It will also be helpful to the underwriter if you can articulate your relationship to the client. How long have you known each other and how did you meet? Is he or she a friend, referral, neighbor or colleague? Verifying the client’s identity builds credibility for the sale as legitimate business.