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