7 Things You Need to Know About Underwriting DI Cases

Everyone knows how hard insurance professionals work to prospect, set appointments, complete the fact-finding process, run quotes, close the deal, fill out and send in forms all just to submit a single Disability Case.

The last thing you want is for an application to be held up in underwriting because information may be incomplete or worse yet, declined because of medical issues.

It’s important to remember that the information required by underwriters helps the insurance company manage risk, which in turn helps to keep prices and products competitive across the market.
Here are 7 ways you can help your cases move through underwriting faster and more efficiently:
  1. Before moving forward with an application, know your client. Take the time to ask about their medical history, health concerns, and current medications. If there are red flags, allow our Underwriting Department go to go to work for you. We can pre-screen the client and direct you to a carrier that might be lenient with that particular medical concern.
  2. Answer all questions on the application and provide full details such as occupation and job duties as well as physician name, address and phone number. Make sure all required fields are completed. Incomplete apps may delay your case.
  3. Send a copy of the most recent illustration reflecting the correct occupation class, benefits, discounts and premiums.
  4. Attach all necessary financial documentation.
  5. When possible, submit the case for simplified underwriting with no blood, urine, EKGs, or APS required. Typically, if the client is between the ages of 18-50 and looking for a monthly benefit amount up to $10,000 this is the way to go. This program averages a 48-hour turnaround time once the application and TeleApp interviews are competed and received.
  6. While not required, it’s always helpful to attach a cover letter that discusses the details of the particular case. This helps to give the Underwriting Department a clear picture of the case, particularly if there are any unusual medical concerns or job occupation descriptions.
  7. You can complete the telephone health interview at any time. The application does not have to be in-house for the phone interview to be conducted and typically takes less than 20 minutes.
The tips on this list will save you valuable time and help you grow your business.
Contact your dedicated Disability Specialist today to learn more about how you can streamline the underwriting process!