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KYC - Know your companies

  • Product differences
  • Market place
  • Reinsurance
  • Expertise / Focus
  • Comfort level with Underwriting team

Submit one application

  • One company to gather information and do initial underwriting
  • One company to involve Reinsurers
  • One company to disseminate complete information
  • One MIB inquiry

Submitting multiple application

  • Can be confusing if not all companies are aware of each others' applications
  • Can be confusing for administration staff who have to do follow-ups to multiple companies
  • Can be confusing to vendors trying to coordinate requirements
  • Adds extra work and therefore extra time to reinsurance process and can affect availability of reinsurance funds

Substandard offers

  • Examine offer made by Company #1
  • Keep in mind Company #1's placement period
  • Shop to other companies if you do not believe the offer is the best you can get – Include cover letter

Cover letters should include:

  • Explanation that case was already submitted to Company # 1 but that their offer is not acceptable because…
  • List of all companies to whom the case is being shopped
  • Specify if one or more applications will be placed (total line to be in force)
  • Authorization from the client for Company # 1 to share evidence with all other companies
  • Your expectations of the decision or final premium

RESULT: Happy Underwriters / Doctors / Support Staff / Reinsurers!

Identify potentially substandard cases  (Please also refer to our Trial application guidelines)

  • Diabetes, heart disease, stroke, COPD, cancer, blood & genetic disorders, build
  • Drugs, Alcohol and Driving
  • Abnormal lab work or ECG results
  • Occupation, Avocations, Foreign Travel
  • Financial, Insurable Interest