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BUGS II The Explosion of Teleunderwriting in North America

BUGS II The Explosion of Teleunderwriting in North America. Hank George, FALU, CLU, FLMI Itinerate Speaker www.hankgeorge.com. WHY HAS TELEUNDERWRITING EXPLODED ON THE SCENE IN NORTH AMERICA?. It is faster, cheaper and BETTER than any other way to expedite risk selection.

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BUGS II The Explosion of Teleunderwriting in North America

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  1. BUGS IIThe Explosion of Teleunderwritingin North America Hank George, FALU, CLU, FLMI Itinerate Speaker www.hankgeorge.com

  2. WHY HAS TELEUNDERWRITINGEXPLODED ON THE SCENEINNORTH AMERICA? It is faster, cheaper and BETTER than any other way to expedite risk selection

  3. THE TELEUNDERWRITINGEDGE IS UNPRECENTED! • Reduces cycle time by 50-90% • Reduces dependence on MD records by 40-80% • Slashes business acquisition costs • Pleases customers like never before! • Widely accepted by agents and brokers • Accommodates demands of nontraditional distribution modes (more on this later) • Enhances the role of the underwriter

  4. How Has TeleunderwritingREDUCEDApplication-to-IssueCycle Time? • (Nearly) eliminated slow, cumbersome requirements of the past • Using teleinterview, allowed underwriters to act on most medical histories without waiting for tediously slow MD records • Taken full advantage of latest technologies

  5. How has TELEUNDERWRITINGslashed the incidence of waiting for (and then overpaying for!) MD Records? • Teleinterview with quality drilldown questioning provides a virtual portrait of the buyer • Enhanced use of Rx information solicited on teleinterview enables us to make inferences regarding the severity of impairments

  6. HOW HAS TELEUNDERWRITINGPLEASED OUR CUSTOMERS? It has gone way beyond “smoker/nonsmoker” and “preferred risk” (our two most applauded 20th century innovations) to embrace the concept of HEALTH HABIT UNDERWRITING

  7. HEALTH HABIT UNDERWRITING??? The use of voluntary health habit decisions and practices made by customers – and elicited on telephone interviews – to modify debiting for some impairments and to enhance the prospects for attractive cost of insurance, rewarding those who embrace healthful lifetimes and shun risk-taking behaviours

  8. SUCH AS??? • Healthful prophylaxes (aspirin, etc.) • Good dietary choices • Judicious use of dietary supplements • Leisure time exercise (vs. sendentary) • Embracing MD advice • Temperate use of beverage alcohol EVEN OWNING PETS AT OLDER AGES!

  9. How can Rx informationallow underwriters to act without MD records? • Most physicians follow consistent paradigms when prescribing medication • The medication chosen reflects the severity of the impairment in context of what is disclosed by applicant during the teleinterview drilldown • Enhanced underwriter knowledge of Rx is essential for this to be possible

  10. What essential Rx elementis missing from underwriters’ knowledge base…AND MUST BE PRESENT? Adequate understanding of the range of alternative and complementary remedies and how they interface with medical histories and prescribed Rx to determine insurability

  11. YOU DOUBT THIS IS SO??? OK…TELL ME HOW YOU WOULD RESPOND, AS AN UNDERWRITER, TO THE ACKNOWLEDGED USE OF THESE REMEDIES…

  12. Would you approve cover if the proposed insured admitted to currently using… • Milk Thistle? • Mistletoe? • Shark cartilage? • Coenzyme Q-10?

  13. Can we make trustworthyinferences from tests and interventions? • Esophagoscopy for reflux with no further recommendationsvs. annual testing? • Stress test for chest pains in female with imaging recommendedvs. no further tests? • Obese 50 year old remale with elevated ALT, hepatic ultrasoundand advise to lose weight?

  14. Symptoms we can triage without“obligatory” MD records • SYNCOPE • PALPITATIONS • CHEST PAIN • DIZZINESS AND VERTIGO • HEADACHE • ABDOMINAL PAIN

  15. IMPAIRMENTS WE ARE NOW TRIAGINGWITHOUT MD RECORDS • DIABETES • HEPATITIS • “SKIN CANCER” • COLITIS • ASTHMA • MULTIPLE SCLEROSIS

  16. How is this POSSIBLE??? INNOVATIVE QUESTIONING SUPERB DRILLDOWNS UNDERWRITER RE-EDUCATION

  17. How do we know we are not SACRIFICINGmortality…for the sake of speed? BECAUSE INDUSTRY-LEADING U.S. COMPANIES HAVE NOW REPORTED THAT THE TELEINTERVIEW PROVIDES,DOLLAR FOR DOLLAR (ER…POUND FOR POUND!) MORE PROTECTIVE VALUE THAN MD RECORDS!

  18. FACT OF LIFE If you implement teleunderwriting YOU MUST AUDIT THE RESULTS EARLY ON to make certain you are, indeed, getting what you expected

  19. ANOTHERFACT OF LIFE BEWARE OF SNAKE OIL IN YOUR OWN BACKYARD!

  20. SNAKE OIL??? An old Cajun term for the inciting alarm and the slathering on of MISINFORMATION so as to distort what is true and thus preserve antiquity (!) at the expenses of progress

  21. “I FEEL AS IFI HAVE JUST BEEN LISTENINGTO A HUCKSTER”

  22. WORD TO THE WISE When you audit the effectiveness of your TELEUNDERWRITING operation, be certain those undertaking this audit do not harbor a clandestine (and malignant) self-fulfilling prophecy driving their “efforts!”

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