Winter 2009
IDI underwriting benefits from a new perspective
by Dawn McMaster
Second Vice President, Individual Disability Insurance Operations and Underwriting
At The Standard, we carefully develop our leaders so they have opportunities to learn various facets of our business. We 'cross-pollinate' departments and business lines to build leaders who understand the big picture and in turn are able to deliver the very best service and expertise to our customers.
Debbie's move to the Chief Underwriter position created an opening for Director of Underwriting. Walt Henry accepted the position of Acting Director, IDI Underwriting. Walt has been with The Standard since 1993 serving in various roles within the Benefits and Legal departments of The Standard's Insurance Services Group.
Walt's exposure to the back end of the business process (claims and appeals) brings a unique and valuable perspective to the front end of the business process (underwriting).
"Some of our brokers asked me if this means more conservative IDI underwriting," Walt noted after his appointment. "I don't think that will be the case. We strive for consistency in our practices across the company. We are all on the same page philosophically.
"I believe the more exposure each of us has, the better we will be at assessing risk."
— Walt Henry
"I may be 'the guy from claims' but whether we see the customers' stories at the front or back end, our job is to understand their stories. I used to see their stories when our customers applied for benefits and went on claim. Now I see their stories when they are applying for coverage.
"The core of what we do is learn about and assess risk. The thought processes are the same. Whether we apply the underwriting, claims or legal filter, we are expected to use our skills to make the right decision. I believe that the more exposure each of us has, the better we will be at assessing risk."
While the decision process is analytical, it also has a fair measure of emotional engagement. Walt understands how vulnerable claimants are and how important it is to have empathy and compassion.
He also has a good grasp of the impact decisions have on brokers and is looking forward to expanding that further.
