Finally! A
Telephone Interview
AND a Decision. |
For the most part, nearly all IBU clients have an existing underwriting department. Our
role in providing telephone interviews by underwriters is to support services to their
in-house resources. However, for one company that IBU conducts telephone interviews,
we are now also providing decisions resulting from the telephone interview.
IBU is working collaboratively to help the company build its underwriting department
around the power of an interview by an experienced underwriter. We have been underway
for a couple of months and here is how the underwriting process works…
The IBU underwriter checks a database that pulls up MIB, MVR, and prescription profile
information. Armed with this information and the application, the IBU underwriter
calls the applicant, asks a series of questions, and makes the underwriting decision
on the spot. No blood! No urine! No paramed!
READ MORE >>
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IBU parle et lit le français!
(IBU speaks and reads French!) |
IBU is conducting telephone interviews and summarizing APS’s written in French.
American Income Life of Waco, Texas was experiencing turnaround time and expense issues
underwriting their Quebec-based agency network. Because they required APS’s for
most medical conditions, translating them to English resulted in over $200 per case
in additional time and costs.
However, by tapping into the multi-lingual capabilities of IBU underwriters, American
Income found the solution to save time and money. Using an IBU telephone interview
by a French-speaking underwriter, American Income has reduced its APS count by 25%.
For cases that still require an APS, they are using IBU’s secure web-based system
to electronically transmit the APS’s to IBU underwriters who translate and summarize
the medical record.
“I’ve reduced my APS count 25% and am saving $125 per case where an APS
is required.” says Alan Palmer VP of Underwriting at American Income. “This
has been a huge win for us.”
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We now have about 70 underwriters and are still growing. Our revenue increased nearly
100% from 2004 to 2005 and the outlook for the coming year is strong.
We are always interested in speaking with experienced underwriters who
would like to work from home. If you would like to explore joining the
IBU team, please contact
us. |
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In July of 2005, IBU entered into a new market segment for underwriting.
Our team of experienced underwriters began summarizing medical records
for one the largest providers of Life Settlements in the industry.
“IBU APS summaries have been a tremendous help that have allowed
us to process much higher volumes of business,” says Ken Zinn
Chief Underwriter of AIG Risk Finance. “In addition, IBU’s
web-based system has stood out compared to other vendors in helping
us track pending cases and organize underwriting data.”
For IBU underwriters the transition to Life Settlement underwriting
has been relatively smooth. “You need to train your mind to think
how long are they going to live instead of are they going to die. You
also have to really focus on frailty and fitness issues,” says
IBU underwriter Lynn Driest.
READ MORE >>
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Large & Small Companies Alike Benefit from Using IBU APS Summary
Service
Over the past year, the IBU APS Summary service was a major growth area
for our company as more and more home office departments discovered the value
and benefits we have to offer.
Large and small companies alike are finding our APS Summary service to be
a perfect solution to achieve cost savings and at the same time maintain
time service objectives.
READ MORE >>
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IBU Upcoming Events |
The Life Insurance Conference
April 3 – 5, 2006
Lake Beuna Vista, Florida
AHOU Annual Conference
October 22 - 25, 2006
Las Vegas, Nevada
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