CommInsure’s Chief Medical Officer, Dr Bill Monday, has sent a message of engagement to advisers during his eastern states seminar tour, which has just been completed.
One of the key ‘takeaway’ messages from Dr Monday was to encourage open interaction between advisers and CommInsure’s medical division in order to optimise the value and productivity of the relationship between insurer and adviser.
the adviser… is encouraged to question the underwriting decision and seek explanations
Dr Monday wants advisers to understand CommInsure’s underwriting decisions, particularly when adverse decisions have been made. If the adviser does not understand, he or she is encouraged to question the underwriting decision and seek explanations.
Another key message to advisers from Dr Monday focused on the need to obtain as much medical and financial information as possible when submitting insurance applications. According to Dr Monday, the more information the adviser is able to provide to the underwriter, the better chance there will be of the underwriter returning with a correct decision and rating for the client.
These messages were delivered by Dr Monday to packed audiences within a presentation that considered the medical world of today, as well as the staggering potential of tomorrow’s medical world.
With huge advancements being made in medical science in areas such as cancer and cardiac disease research, genomics, imaging, nanotechnology and biocomputers, Dr Monday helped his audience better understand what may be possible in future, and how these advancements may positively impact the ability for more clients to be underwritten and offered terms.
According to Dr Monday, CommInsure is seeking to reduce it’s already low declinature rate by:
- Offering more creative solutions such as limited/specific term contracts
- Re-shaping key trauma definitions to keep pace with medical advancements
- Developing more ‘plain English’ wording within policy definitions
- Creating more and more transparency between client, adviser and underwriter with respect to application questions, answers, processes and decisions
This series of seminars was CommInsure’s first major initiative for 2010, and was indicative of the growing trend from the insurance companies to highlight the value-added, or differentiated services they provide, whereas in previous years, most roadshow tours would centre around product upgrades, with underwriting, claims and technology initiatives playing a lesser role.
