Not Everyone is Preferred
By Alan Friedman
In a follow-up to my last article, once you've established the need, the next step is presenting solutions. One of the best ways to get a more accurate quote and reduce the risk of underwriting surprises is through "field underwriting."
Field underwriting is the initial process of evaluating and assessing risk before an application is submitted and reaches the underwriting department of an insurance company. This preliminary evaluation helps determine whether a potential insured meets the basic criteria for insurance coverage. While there are various types of information you should gather, this article focuses on the medical history of the client.
Please see below for key questions you should be asking your clients to determine if you need to gather more information to determine their rate class. We are happy to provide a questionnaire for each topic to better pre-access your clients.
Basic Health and Medical History Questions
Build - What is your client’s current height and weight?
Have they gained or lost weight in the last 12 months? If yes, how much?
Medical Conditions - Does your client have any existing medical conditions or a history of serious illnesses such as heart disease, cancer, diabetes, etc.? If yes, let us know and we will provide you with a specific questionnaire to get the details.
Medications - Is your client currently taking any prescribed medications? If yes, what are they and what is the reason they are being taken?
Tobacco, Marijuana, and Alcohol Use – Has your client ever used tobacco and/or marijuana products? If yes, what and how often? If they quite, when?
Alcohol - Does your client drink alcohol? If yes, what type and how often?
Family Medical History - Is there a family history of serious medical conditions? If so, what conditions?
Did a parent die before the age of 60? If so, which parent and what was the cause of death?
Lifestyle and Hobbies - Does your client participate in any high-risk activities such as skydiving, scuba diving, or racing? If yes, let us know and we will provide you with a specific questionnaire to get the details.
Once all the information has been gathered, we will be able to provide you with a more accurate and realistic quote. Needless to say, Field Underwriting will save everyone time and help you place more cases!