Page 23 - Life Insurance underwriting Ebook IC 22

a) Automated rule engine (also known as Black-box underwriting)

b) Jet unit underwriting
c) Green channel underwriting

Process of underwriting

I) obtaining medical reports

The process of obtaining medical reports is usually the longest

part of the entire life insurance application process.

 In recent times some insurance companies obtain medical reports in a digitized
form or as electronic scanned images from the TPA / diagnostic centers to
enable direct uploading in the electronic work flow in an insurance office, thereby
expediting the underwriting process.
 During this period the customer may also be contacted for any additional
information /his personal medical records. This information has to be complied by
the customer within a period specified by the company.
 In cases where the customer is unable to comply with the required Information
within the stipulated time, the application for insurance is cancelled and the
money is refunded to the client as mandated in the regulator guidelines.

ii) Obtaining all the related documents

iii) Communicating the decision to the client

iv) Obtaining the consent from the client for the counter -offer (in case of
modified terms of acceptance have been conveyed by the insurer)

v) Completion of the underwriting process

vi) Refund of initial proposal deposit

It is important to know that the final underwriting decision is taken either an at
insurance office directly or through their reinsurers depending on the automatic
and facultative limits as set in the treaty arrangements between the insurers and
the re-insurers or amendments made in the financial authorities.

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