Underwriting Practices of Voluntary Carriers
Surveys of both employers and employees indicate that the success of a voluntary benefit plan is affected by insurance company underwriting. That’s why it so important for carriers to have underwriting practices that not only meet employer/employee needs but also producer needs—all while ensuring that the business is profitable. Simply, if a carrier’s underwriting practices don’t measure up, producers will be less likely to sell the business and customers less likely to buy it!
Eastbridge Consulting Group’s recently released report, Underwriting Practices of Voluntary Carriers, takes a detailed look at the underwriting practices of 28 voluntary carriers. Specifically, it examines:
- Group (account) level underwriting practices
- New account-set up process
- Rep underwriting authority
- Underwriting guidelines
- Participation/eligibility requirements
- Time standards (quotes, RFPs, case pre-approval, group issue, underwriting)
- Anticipated changes to current underwriting practices
Order Info: The report is available for purchase for $2,000. To purchase a copy, you can email Eastbridge at info@eastbridge.com or call (860) 676-9633.
Published 2010.
Table of Contents
1. Executive Summary
A. Report Objectives
B. Key Findings
C. Recommendations
D. Methodology
2. Findings
A. Company Data
1. Products
2. Separate Voluntary Underwriting Area
3. Percentage of New Sales from Voluntary
B. Voluntary Underwriting Trends
1. Perceived Underwriting Changes
2. Participation Requirement Changes
3. Guaranteed Issue Amount Changes
4. Case Size Changes for Guaranteed Issue
C. Underwriting Practices
1. Group Level Underwriting
2. Census Rating and Claims Data
3. Type of Underwriting
4. New Group Process
5. New Account Set-up
6. Initial Premiums
7. Rep Authority
8. Employee Eligibility
9. Guidelines for Amounts above Guaranteed Issue
10. MIBs and Other Checks
11. Participation Requirements
12. Guaranteed Issue—Cases and Participation
13. Spouse Signature
14. Missing Information
15. Domestic Partner Coverage
16. Coverage Effective Dates
17. Renewals
D. Time Standards
1. Quotes
2. RFPs
3. Case Pre-Approval
4. Group Issue
5. Underwriting/Pending Time Standards
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