Life Underwriting. March 2015 AGT-0191AO-WG (03/2015)

Transcription

1 Life Underwriting March 2015 AGT-0191AO-WG (03/2015)

2 Agenda ipipeline Organizational Update Field Underwriting Processing Tips Underwriting Programs Case Study Foreign Travel & International Risk Case Study Reinsurance Questions Summary 1

3 What is ipipeline e-applications? Best way to complete your fixed life apps Forms wizard approach Your guide to a 100% in-goodorder app FOR INSURANCE PROFESSIONAL USE ONLY NOT FOR DISTRIBUTION WITH THE PUBLIC

4 Why use ipipeline? Easier than paper NO questions missed NO missing forms NO missing signature NO additional work Faster than paper Fewer touchbacks to your client Screen guides you through what s important, what s not Cuts underwriting time down by multiple days More options than paper Ability to forms to client sign remotely! Save your work and return later Clients covered faster Get paid quicker

5 View My Cases The My Cases screen shows cases a producer has worked on in ipipeline Cases stay in My Cases for 120 days before they automatically delete from the system You can delete, duplicate or add new cases from this screen

6 e-application information Fields highlighted in yellow are required for application to be in good order Nav bar lets you know what screens are (in)complete Additional questions autogenerate as necessary FOR INSURANCE PROFESSIONAL USE ONLY NOT FOR DISTRIBUTION WITH THE PUBLIC

7 Sample application pdf Easy to read Signatures applied across all documents

8 Electronic signatures Why esign? Ensure all signatures are completed in good order Expedite processing Get paid faster Face-to-face esignature Sign in-person without printing the application Sign without purchasing or installing a signature pad esignature Clients can sign without coming to your office Use remote PCs, smart phones and tablets to sign

9 Training Available Live Webexs Schedule available at ipipeline Booth Automated Demo Available 24/7 on the Nationwide Site PDF screen-by-screen guide Nationwide Call Center LIFE

10 Organizational Update Large increase in WFG applications since 2011 Year Total WFG Life Insurance Applications Received 1,301 YOY Increase % , % 11, % 16, % 9

11 Organizational Update Increased staffing of Case Managers dedicated to WFG from 0 in 2011 to 27 by Added one Underwriting Manager, one Case Manager Supervisor, and one Team Lead 6 leaders directly supporting WFG New Business 30 Case Managers Case Managers

12 Organizational Update Consistently meet our service level agreements (since November 2014) Created a more manageable workload for our associates, so they can focus on the service you deserve! Implemented several Continuous Improvement initiatives: More structured training approach Improved communication new welcome/initial review Stronger resource tools for underwriters: Less EKGs Consistent exception handling 11

13 Field Underwriting Set appropriate expectations. All statistics are from January 2014 to present: Base Non Tobacco Preferred Plus and Non Tobacco Preferred = 45.9% Long Term Care Rider Non Tobacco Preferred = 44.03% Base Decline = 13.0% LTC Decline = 31.8% The remaining approximately 54.1% is standard or rated I-Pipeline applications % 12

14 Field Underwriting Use ipipeline average time service is 3 days faster Underwrite gather medical, avocations, travel, and financial information to ensure underwriter has needed information to make a decision Fully complete the application with all medical history, physician contact information, and prescribed medications this enables us to order medical records if required at the time of application submission Include cover letters does the case make sense? 13

15 Field Underwriting Preferred Vendors: APPS (American Para Professional Systems) ExamOne Portamedic 14

16 Field Underwriting Understand competition Nationwide s underwriting niches: Ages Standard and better risks Build Cardiac Barrett s esophagus Aviation Preferred Consideration for some Diabetics Communication is critical before, during, and after 15

17 Underwriting Programs Wellness Credits Automatic review of all cases to see if they are eligible for credits to improve their rating Open to all ages Open to all face amounts Open to all Nationwide YourLife products except Nationwide Your Life Single Premium UL 16

18 Underwriting Programs Placement Improvement Program (PIP) Table C to Standard Insured s 15 to 70 Policies with specified amounts totaling $100,000 and $10 Million Policy increases where the original policy was issued at Table C or better Available on Whole Life series, Accumulation VUL, Protection VUL and Survivorship VUL Other Opportunities to offer better rating using: Preferred Stretch Guidelines Business Decisions 17

19 Case Study 65 Male applying for $100,000 Indexed UL, $100,000 LTC Diagnosed w/ Diabetes and Hypertension 2 years ago Medications: Lisinopril, Metformin Insurance exam , BP 115/80, Both parents lived to age 80+ Insurance Labs Glucose 95, A1c 6.1, Chol 205, Chol/HDL 3.0 Medical records Well controlled Diabetes since diagnosis in March 2013, A1c results between , with last 3 readings below 6.3 Medical records cont. Hypertension well controlled, 12 month average 115/78 What factors make this a favorable case? Family history, Consistent A1c control, recent Diabetes diagnosis, and age What would be the best case rating? We would consider preferred on this case due to the favorable factors. Would also be considered best case for Diabetic applying for LTC: Approve LTC Table B. 18

20 Foreign Travel & International Risk Include a fully completed Foreign Questionnaire and copy of visa or green card, if not a US citizen and for all foreign national cases and if travel within the next 12 months or previous travel history. General guidelines for Foreign National s in A/B countries: Permanent coverage only No LTC or supplemental benefits Ages Classification of Table D or less Applications & exam taken on US soil 19

21 Foreign Travel & International Risk General guidelines for Foreign National s in A/B countries: Occupation should be technical or professional in nature Applicant should have connection to US (property, visiting, business, etc.) A country (autobind up to $10,000,000) A country (can consider NTPP) 20

22 Foreign Travel & International Risk Changes effective early September: Allow NTPP rates on travel to A and B countries (B countries used to be at best preferred) Foreign nationals in B countries can autobind reinsurers up to $5,000,000 ($1,000,000 retention only no autobind) Some B country residents can consider NTP Brazil, China, Israel, Mexico (previously best case standard). 21

23 Case Study 29 Female, Applying for $200,000 Indexed UL, $200,000 LTC rider Application indicates clear history, Mexican citizen, Housekeeping Income - $25,000, in US x 10 years Received copy of consular ID expires 5/17 No driver s license, takes public transport Received foreign questionnaire no travel plans, Mexican citizen, not fluent in English Medically qualifies for Non-tobacco preferred plus o What factors make this a favorable case? Employed, US x 10 years, no travel planned, valid consular ID with expiration > 1 year from application date o How would we handle? We would be willing to offer preferred, since the proposed insured is from one of our designated B countries (Mexico, China, Brazil) and qualifies for Non-tobacco preferred plus. LTC rider would be declined due to non-green card resident. 22

24 Case Study 42 Female, applying for $1,500,000 IUL with $500,000 Long term care rider Application clear history, last Dr. visit 1/13 normal checkup, build Occupation Attorney, income $200,000, Net Worth $2,500,000 Insurance exam , BP 132/75, history of abdominal pain in 2009 with antibiotic treatment and normal abdominal and pelvic ultrasounds Insurance Labs Cholesterol 156, Chol/HDL ratio 2.32 remaining labs within normal limits Medical records Medical history on exam confirmed by medical records. Last Dr. visit we have is from January 2013 Weight on that visit was and was between lbs in all visits from o What are your concerns, if any with this information? o How would you quote this applicant? o Could Long Term Care present a challenge on this case? 23

25 Understanding Reinsurance Two types of reinsurance: Automatic happens behind the scenes Facultative we initiate Determine we are not interested in the risk Believe a reinsurer is able to provide a better decision We pass the entire premium and risk 24

26 Understanding Reinsurance Reinsurance is not a bad word: When do we use reinsurance? Certain impairments Positive CDT, Hep C Why do we use reinsurance? Mitigate our individual corporate risk They are noted industry experts Helps with our product pricing, drives down cost of insurance 25

27 Questions 26

28 Summary The sooner we get complete information on a case the faster we can make a decision Communication will make our partnership more successful We ve listened to your feedback and made some significant changes, especially with B countries Let us work with reinsurance on cases to help place more business Life insurance is issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. Nationwide, Nationwide is on your side, and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company