The following methodology will help you to place a higher percentage of cases, get you paid sooner, enhance your professional image with your clients and help you determine the right company to apply to the first time.
Separating yourself from the pack:
Anyone can illustrate Preferred Best rates, BUT, will you be able to deliver that rate class from the selected company?
Underwriting criteria vary from company to company. For instance, if a parent died from cancer before age 60, most companies will not offer preferred, never mind preferred best. But there are a few companies who do not consider family history of cancer. Thus the person who meets the preferred best criteria will get that company’s best rate class, whereas they might only get standard or standard plus if they apply elsewhere.
The consequences of applying to the wrong company:
If a better offer could be obtained with another company, you will need to complete another application, possibly make another trip to see your client, explain a negative outcome, risk the loss of the case to competition and have to wait longer to receive your commission.
Knowledge is Power - How the Most Successful Brokers Do it
How to stack the odds in your favor:
Our site contains all the tools you need. The following steps will help you to get it done right the first time:
Once your client understands that he or she will be applying for insurance (better if you can do this before even running or requesting a proposal), you might say “so that I can be prepared to accurately and intelligently discuss costs with you or make recommendations to you, may I ask you a few questions?”
Step 1:
You would then use the Pre-underwriting tool, the Quick Fact Finder. (This form is also included as first page of any life application packet you download from our site). Once you have collected the information, you will know if there are any factors which might have bearing on the rate class.
Step 2:
The next step would be to dig a little deeper. If, for example, your client has a history of diabetes, you would access the diabetes questionnaire and ask your client the questions.
Step 3:
Enter the information into XRAE Light. XRAE Light will assess the factors and give you anticipated rates from each company.
Step 4:
You and your client can then proceed to apply to the company which is most likely to give your client the promised result.
Step 5:
Advance token to “GO”. Place the case and collect your commission.
