The MB Underwriting Advantage
“Our objective is to secure for our clients the best and most competitive insurance product at the best risk classification possible.”
Insurance carrier underwriting offers have a significant impact on the cost of insurance. At MB our strategic underwriting process optimizes the underwriting offers while minimizing bothersome medical and financial requirements. Some features of our underwriting process include:
Preliminary Review of Medical Records
When a client begins the medical underwriting process, they complete a Confidential Insurance Questionnaire (CIQ) to collect medical records and identify any conditions that may impact underwriting offers. We ensure accuracy and continuity between the records from all physicians and the client’s information. If discrepancies arise, MB can assist in resolving them. In cases where a health condition or impairment exists, we collaborate with the client’s physicians to gain a thorough understanding of the issue and position the case effectively with the underwriter. Through this review process, MB advises clients on the most appropriate course of action.
Large Case Market Consideration
For cases exceeding automatic reinsurance thresholds, MB employs a strategic approach to navigating the insurance market. This method maximizes retention limits and the rate of return on the insurance portfolio, preventing unforeseen reinsurance issues. Our expertise ensures that large cases are handled efficiently, with careful attention to securing the best possible coverage.
Informal Submission
The client’s medical records and insurance exam results are submitted securely to multiple carriers on an informal basis through an encrypted online depository. This avoids creating a potentially harmful record with the Medical Information Bureau (MIB) and enables MB to compare offers from different carriers. By negotiating on behalf of the client, we work to secure the most favorable pricing and conditions.
Underwriting Advocacy
As a member of M Financial, MB has access to a dedicated underwriting advocacy team with decades of experience in working with insurance advisory firms and carriers. This team plays a key role in overcoming challenges in the underwriting process, simplifying the experience for clients, and ensuring competitive offers. Their expertise ensures effective underwriting support and service, benefiting our clients throughout the process.
Tentative Offers
MB provides clients with a clear understanding of their medical and lifestyle assessments, including any ratings and/or surcharges (if any). We also present our clients with tentative pricing based on those non-binding underwriting offers, which helps to set expectations for final pricing. We advise our clients that final pricing is dependent on formal underwriting results.
Formal Underwriting
MB’s professional staff coordinates the scheduling of medical requirements based on age and desired death benefit. A paramedical exam, lab work, and, in some cases, an EKG is required. The client is provided a pre-exam checklist to help achieve the most accurate test-results.
Formal Application Process
After the carrier and products have been chosen by the client, MB’s professional staff coordinates the completion and submission of all related paperwork to the insurance carrier. We serve as the client’s advocate, fielding questions and assisting with obtaining outstanding requirements.
Confidentiality and File Maintenance
Data security is a top priority for MB. We’ve invested heavily in technology and processes to ensure compliance with HIPAA regulations and safeguard our clients’ sensitive information. Examples of our security measures include encrypted email communications, password-protected devices, and restricted access to client files on a “need to know” basis. Additionally, physical records are stored securely in locked cabinets when not in use.