As the case manager, experience will teach the importance of truly becoming the client’s advocate throughout the underwriting process.
Working with producers, as well as insurance carriers and Ash internal colleagues, a case manager will do all he or she can do to successfully obtain the best coverage available for your client. Even though each case is unique, oftentimes carrier underwriters may view clients as just a "file." It is the case manager’s job to bring that file to life.
As cases progress through the underwriting process, constant communication is maintained with advisors to ensure they are as much a part of the process as the case manager. If a case comes back with an unfavorable decision, the process doesn’t end there as "no" doesn’t always mean there aren’t other options. A recent case illustrates that point very well.
An application was received for a husband and wife with a particular carrier. Upon completion of the carrier’s underwriting process, an unfavorable decision came back due to information in the wife’s medical records being outside the carrier’s underwriting parameters. The agent was informed of the decision and a plan of action was established.
The best plan of action was to have the client request a copy of the medical records used to make the decision. Based solely on the declination letter, it was determined there wasn’t enough information to proceed. With additional information from her doctor, the Ash underwriter felt an appeal could be made and submitted to the carrier for reconsideration. Unfortunately, an unfavorable decision was received on appeal.
The case was then shopped to other carrier partners, exploring each for consideration of coverage. One carrier was willing to consider her for coverage subject to full underwriting. Upon receipt of the new application, a synopsis of the client’s medical background was put together and, along with the application, was submitted to the carrier in order to favorably position this case.
After much dedication, hard work and many phone calls, the client received a favorable decision. The coverage she needed to secure her family’s future and put her mind at ease was procured. Instead of leaving a void in her financial portfolio, coverage was successfully obtained due to the dedication and persistence of the producer and Ash Brokerage. This case also illustrates the importance of the prescreening process; the more medical information received in the beginning of the process the better equipped the case manager is to advise where to place your client to best meet their needs.
Care planning is paramount to the stability of a financial portfolio. At Ash Brokerage, clients are provided with an advocate, ensuring every option to gain coverage is exhausted; clients are treated like a valued member of the Ash family.
Achieve the same successes that other producers have already experienced, by asking Ash to put their expertise and experience to work for you today!
Here's an idea that one of our agents said helped him get long-term care business.
On each policy delivery or annual review, he hands his customer five packets containing a cover letter, educational material about planning for long-term care, and his business card.
He asks them to please give these to five people they know, which he finds more comfortable than asking them for names. However, he says that while some clients do give the packets out to their friends, others go ahead and give him names. Sometimes, he even gets requests for more packets!
Our team often hears many questions and, yes, complaints, about changes in the LTC industry. Carriers are constantly applying lessons from the past to insure a strong future; however, there is ONE MAJOR CHANGE occurring in the industry that we are very aware of: Baby Boomers have arrived and are having to deal with the care required by their parents and grandparents - and your clients want to talk about it.
No longer can you just move assets and place a loved one into a nursing home without reaching deep into your pockets. The public is coming to grips with the financial and emotional cost of a extended healthcare stay and it is our job to lead them to a solution that works for all.
Our Ash team is unique. We help consult with you about your client’s needs, create a tailored solution for them and prepare you for your meeting with your client. We can even be available on the phone or in person to participate in the presentation, if you want. For more on our high level of support and dedication, check out our video below.
As you‘ve probably seen, LTC carriers are moving to a gender-based pricing model – which has produced a shockwave across the industry over women being singled out. While on the surface this may appear to be true, once we dig into the numbers, it makes clear sense. Carriers pay more than 67% of their claims to women. From a risk management standpoint, that is very heavily skewed. Women have a higher life expectancy than men, therefore putting them more at risk to get sick and need care. When it comes to Alzheimer’s, 65% of people diagnosed with the disease are women. With this information and claims experience, this is a step in the right direction.
Gender-based pricing is not new to our world; life and disability insurance have had gender based pricing for many years. We must remember that we want insurance companies to evaluate their risk and be the in the best position possible to pay claims down the road when they are needed most. To design a plan suitable for your clients, please give us a call - we're here to help!
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