Page 26 - Life Insurance underwriting Ebook IC 22

In some insurance companies, many of the underwriting support activities
mentioned above are done as a part of the operations team and not directly
handled by the underwriting team

The main duties and responsibilities of an Underwriting Support team include:

 Management and co-ordination of, all communication received from the client
and different branches and handing it over to the underwriting team. The
communication can be received either by letters, fax or by e-mail couriers etc.
 Ensuring that the requirements ordered b\ the underwriting team are conveyed to
the client and are followed-up for compliance by the clients.
 Reconciliation of all applications received and processed in the underwriting
function and compiling the MIS for the senior management team.
 Follow-up with the branches of the insurance company on complying with the
pending requirements for expediting the issuance of policies of respective
Branches.
 Compilation and reconciling of daily, fortnightly, monthly and yearly MIS and
monitoring it closely.
 Ensuring that policy contracts (policy documents) are generated for all processed
policies and dispatched to the customers in a timely manner and a record kept.

3. Explain the underwriting philosophy and risk
management.

3.1 Underwriting philosophy and risk management

The extent of risk appetite and the thresholds which are pre-decided by the actuaries
and the senior management team determines the "underwriting philosophy" of an
insurance company.

The underwriting philosophy looks at all the risks involved right from the point of sale till
the policy-issuance and beyond, as each of these has an impact on the risk assessment
process.

4. Learn about genetic testing in life insurance

4.1 Genetic testing in life insurance
Gene tests, also known as DNA-based tests that are considered to be the most
sophisticated of techniques, are now used to test for genetic disorders in an individual.
Gene testing involves direct examination of the DNA molecule itself. Other genetic tests
include biochemical tests for such gene products as enzymes and other proteins and for
microscopic examination of stained or fluorescent chromosomes.

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