Underwriting as a tool to manage client expectations

Your client looks to you for access and guidance on the best life policies available for them.  However, they likely have an idea in their mind of what they want to spend and how much it should cost them.  This isn’t necessarily a bad thing as much as it is simply human nature.  As we know, life insurance rates are based on a number of factors, many of which the client may not fully understand.  Managing your client’s expectations alongside the reality of their insurability is an important part of your business.  This is why solid underwriting skills and resources are so essential to keeping your client informed and engaged.

Knowledge is powerful

The variables determining rates can be a tricky sea to navigate and having the right tools and experience can be the difference of thousands of dollars saved or lost for the client.  We have helped move the needle from “decline” to “insurable” and saved clients money in the process.  This is attributed to the knowledge we have gained over the years in helping agents and advisors with challenging cases.  

Knowledge is equally powerful in helping your client understand their options, being candid in their applications, and grasping the reality of their health issues, history, and other considerations.  The client that purchases and is happy is always the client that felt they made the right decision because they made an informed decision.  

The reason your client needs you

Having access to world-class underwriting allows you to offer your clients solutions they could not find without your professional help.  Your tools and resources give you insight into the kind of nuanced underwriting that is not otherwise readily available.  This is why your client hired you and where we are best positioned to help you.  Our field underwriting support is phenomenal. From medical forms, quoting software, a support library, client-facing marketing, and a team of experienced advocates you will be able to share the most accurate information with your client.

There are better solutions out there

 In some cases, underwriting can be a fast-moving target.  Staying on top of the latest offerings is a game-changer.  Looking at smoker rates today is not the same as it was even 5 years ago.  The addition of vaping, the trend towards leniency on the part of some carriers if the applicant is not a heavy smoker, has generated a moving landscape of options.  For instance, some carriers don’t paint vape users with the same brush as cigarette smokers.  Clients who smoke cigars occasionally may be able to avoid the smoker class altogether.  The key to a better policy outcome for your client is access to many carriers with diverse and detailed requirements and a strong knowledge of their differences. 

Field underwriting allows us to collect information that will let you best manage not only your client’s expectations but also discover the most valuable solution.  Earning their business is a product of earning their trust.  Our field underwriting expertise will help do both.  

Part of managing expectations is knowing what’s around the corner

Changes are inevitable in life and our industry.  Staying informed is the only way to see what’s happening next.  The past year and a half have seen tremendous growth in accelerated underwriting products that don’t require in-person screening.  The pandemic has boosted many products to the forefront.  Meanwhile, companies continue to create underwriting programs (table shave/Upgrade programs) that can improve clients’ rate class.  New opportunities to better serve your client happen every year.  The industry is vibrant and innovative.  As it meets the challenges of today, we can offer our clients policies that better fit where they will be tomorrow.   

With the right tools come the right policies

At Trust Financial, we pride ourselves on our ability to offer comprehensive tools and support for our agents and advisors.  While designed to help you find the perfect products for your client, we also can help increase your efficiency and decrease your workload.  We are positioned to help you grow.  Our field underwriting tools are designed to make your job easier while retaining your clients’ business, trust, and confidence.  Let us know how we can help you manage your client’s expectations and deliver the most value to them.