Underwriting Insights And Innovations
By Robert Wade – Director of Underwriting & Associate Actuary, Individual Disability Insurance
Disability Income Insurance underwriting is not everyone's favorite topic, I admit. But it is the front door for your customers to obtain The Standard's premier IDI coverages. As the director of Underwriting for IDI and Guarantee Issue at The Standard, I want to share my approach to underwriting as well as some ideas we'll be exploring.
After 14 years in IDI product design, implementation and management, I was tapped by Dawn McMaster to apply my product knowledge to The Standard's IDI and Guarantee Issue underwriting programs to give our producers even more ways to present The Standard and Protector Platinum.
Our regional directors in IDI Sales will tell you I like to experiment. I believe trying out new underwriting services and product ideas in the marketplace is the only way to advance the IDI industry. And the winning ideas are worth it — like Protector Platinum's Compassionate CareSM benefit and our PolicyEX delivery system. I hope to try more experimental underwriting programs in order to roll out the successful ones to all producers who work with The Standard. Look for a new simplified underwriting process first.
My commitment to you is to enhance and expand our underwriting programs by:
- finding as many ideas as possible,
- looking for those with high marketability, and
- testing those ideas with due diligence for long-term sustainability.
Advancing The IDI Industry
One ongoing focus is how The Standard and the IDI industry participate in technology, and how technology can improve underwriting efficiency. IDI has been implemented roughly the same way for decades. Now we're learning how to take advantage of publicly available information on sources like Facebook and LinkedIn, as well as proprietary vendor databases.
These online platforms give us new opportunities to quickly research individuals, conduct routine background checks and understand their disability risks. Currently, these additional forms of information are still being layered on top of traditional underwriting methods.
Can we at The Standard, or the industry in general, eventually do away with or streamline old forms of information-gathering that are more intrusive? I'll keep you posted on trends like these and look forward to giving you better IDI underwriting tools over the coming years.
Also in This Issue
We're Going Electronic
Email Delivery Newsletters
As part of our commitment to sustainability, future issues of
The Protector Press will be delivered to email addresses only.
Electronic Amendment Notices
We will also be going electronic with how we communicate future amendments that are made to producer sales contracts. This will include amendments we make to our products and compensation paid to our producers. We will no longer mail amendments. Please visit www.standard.com/di and look under Find Applications & Forms to find the current Product And Compensation Amendment.
PolicyEX™ — Electronic Policy Delivery
We partnered with iPipeline to provide you with PolicyEX, a secure online tool that makes it faster and easier to deliver, sign and return policies.
Electronic delivery helps you:
- place more policies
- eliminate time and costs of mailing documents
- approve, change and reissue policies faster
- conveniently track policies in real time online
- put policies in force sooner