What is Underwriting Advocacy?
Underwriting Advocacy is the art of packaging, clarifying and negotiating to obtain the optimal underwriting class for the client. The Advocacy process is unique in that it utilizes Valmark’s own team of in-house underwriters to help drive the process, rather than leaving it all up to the insurance carriers.
It begins by working together to “humanize” the client to the prospective insurance carrier underwriter. We do this so that they view our client as not “just another file,” rather a unique person with a very real need for a one-of-a-kind financial tool that we partner on together to distribute. This is the most personal aspect of acquiring life insurance for all involved.
Given the material influence on policy expenses, Underwriting Advocacy is critical to the insurance buying process. Let’s examine the impact of certain factors within the Underwriting process on the price of the policy.
Who will this chapter help?
Prior chapters have discussed the planning and design side of life insurance: the importance of choosing the appropriate carrier; product types; teams of professionals; and designing the policy to match the client’s needs.
The processes in this chapter take place in tandem with design efforts until the optimal plan for the client is determined—that is, the underwriting of the policy to obtain the best rate for the client. Involved in these processes are: the field underwriter (working most closely with the client), Valmark Underwriting Team, carrier underwriters, client health care providers and the client.
In part, this chapter will demonstrate many important factors that will help any of those parties listed above create a 10X underwriting experience for the client, including:
- Ensuring clients understand our concern is for them, not just obtaining a policy.
- The unique impact that field underwriting can have on client outcomes and the role of trusted advisors in this personal process. How to build trust between all parties in the process: the client, advisor, insurance carriers and Valmark.
- Creating trust is the value in using an underwriting team that is working for the client, not the carrier.
- Striking the critical balance between what is required by the carrier and what is not.
Ultimately, as a life insurance advisor, we are ADVOCATES for the client. Everything we do and all the information we ask for is to obtain the very best results for the client. This embodies the 10X philosophy.