You have a 55-year-old male who suffered from a heart attack 2 years ago, required surgery and is currently on blood thinners (not aspirin, but prescription blood thinners), and he wants to apply for traditional life and critical illness insurance. How do you assess this risk?
A. Send in the applications for life and CI and hope for the best.
B. Tell the client they are not eligible for CI since they have already suffered from one of the covered conditions.
C. Ask them if they’ve had a recent cardiac follow-up or if they have one pending soon.
We are reducing the life insurance requirements once again!
Effective April 29, we are removing motor vehicle reports (MVRs) as a routine age and amount requirement for ALL ages and face amounts where it is currently required.
There is nothing to do on your end. Our underwriters will remove this requirement.
We will, however, continue to order MVRs for cause on a case-by-case basis. So, if your client has a significant history of driving infractions, we may request an MVR.
RECONSIDERATION CRITERIA ON AN OFFER FOR INSURANCE OR ON A DECLINE/POSTPONE
Reconsideration criteria is incredibly helpful when you present the decision to your client. It gives them a sense of what underwriting needs to see before submitting a new application or request to be reconsidered. Underwriting wants to make offers of insurance, so we provide reconsiderations as often as we can.
The reconsideration process is up to the client to initiate at the right time, but you can support them by putting a reminder in your calendar to touch base periodically and closer to the end of the criteria timeline. You can also keep a warm contact by looking at investment products instead of insurance in the meantime.
And, if you get a “no reconsideration” – this isn’t always never. It just means according to our current guidelines, current medical discoveries and client disclosures at the time of underwriting, we are not able to reconsider. Twenty to thirty years ago, there were many conditions we wouldn’t consider (any marijuana usage, diabetes with other risk factors, etc.) that now we can reconsider. So, explain to your client that a “No” might not mean forever.
AI AT IA
Like all big companies, iA is utilizing data and AI to improve our decision-making process, in order to give clients the best experience when applying for insurance.
We have dedicated Data Analysts who review anonymized data (meaning no personal information is attached to the data – scrubbed of name/address, etc.) to help actuaries create the best rates. We use our vast experience in mortality risks (underwriting and claims departments) along with national data from Statistics Canada and other large studies on life, health and wellbeing.
Some examples where data analytics could be applied include the following:
More tailored policies
Reduce fraud
Manage and mitigate risks
Streamline processes
Reduce administrative costs
Improve underwriting time standards
All this helps to reduce the costs of client’s premiums, improve efficiencies in our insurance underwriting department and provide you and your clients with the best experience we can.
We have been using predictive modeling for years, and our age and amount requirements and our application questions have become more targeted as a result.
MEET iA TEAM MEMBERS
JENNIFER M-W.
Jennifer has over 30 years of underwriting experience, having started underwriting in 1990. This means that she has extensive knowledge and utilizes this on complex Life, CI and Disability cases. When it comes to underwriting risks, she particularly enjoys reviewing clients with cardiac history, diabetes and neurological disorders due to her personal interactions with family members and friends who suffer from these conditions. Jennifer is an underwriter with a big heart. When she’s not communicating with our agents to find the best solutions for their clients, she is busy volunteering her time with the elderly in her community and her church.
Maureen V.
With 20+ years in underwriting, Maureen knows how to look holistically at a client and provide the best support to our agents. She works diligently in our Partnership team to provide solutions for clients with complex medical, financial and personal histories. When not at work, Maureen is an adventurer at heart. She loves to travel, tour British Columbia, visit wineries, and she loves the world of literature. Each year she volunteers at the Annual Writer’s Festival as a driver for international authors.
QUIZ – ANSWER
Best answer: G.
As the field underwriter, you can do some underwriting before you present it to our Partnership team of consultants for opinion (opinion-prelim@ia.ca). Getting some additional details, such as recent follow-ups and treatment plans will help formulate your request for opinion. And, since heart attack is one of the top 4 covered conditions for CI, your client would not be eligible for CI 25 illness nor CI Simplified 4 illness coverage.
If you said H, that’s not wrong either.
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iA Financial Group, 1080 Grande Allee West, PO BOX 1907, Station Terminus, Quebec, Quebec G1K 7M3 (Canada).
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