Tele-Underwriting – Why It’s Worth It

Traditionally, the underwriting process involves paper application forms, requiring applicants to provide details of their medical history. These forms have become increasingly lengthy and often result in missing or inaccurate information. For the Financial Adviser and the client, this process can be difficult and time-consuming. Tele-underwriting counters these hurdles through an efficient process designed to reduce turn-around times and protect you and your client.

While FMI gives the Financial Adviser the option of completing medical questionnaires via the traditional paper application form, we also offer a tele-underwriting process designed to streamline and speed up applications. With tele-underwriting, an experienced FMI Underwriter will ask the medical questions found on the application form over the phone and the call will be recorded for record purposes.

This method of underwriting saves time, is convenient for the client, and reduces the risk to the Financial Adviser.

What is the purpose of tele-underwriting?

1. To gather certain medical information from applicants i.e. it takes the place of the medical questions asked on the paper application form.
2. To gather further information on conditions disclosed by the applicant. This is to complete the traditional process of asking standard questions related to a disorder already disclosed.

How does it work?

1. Should you choose to submit an application for tele-underwriting, FMI will contact your client and complete the medical questions with them over the phone.
2. FMI’s tele-underwriting follows a pre-set script, which allows the Underwriter to gather information in as little time as possible. The call has been restricted to a maximum of 20 minutes.
3. After the tele-underwriting process, the transcript is sent through to the client to verify the recorded facts and sign. A copy will also be sent to you, as the Financial Adviser, for your records.
4. As FMI respects the relationship between you and your client, we will only phone a client should the tele-underwriting form be completed.

What are the benefits of tele-underwriting?

Along with a swift application process, tele-underwriting means:

1. Comprehensive collection of data with fewer written follow-ups
2. Efficient and leaner decision-making undertaken by an underwriting expert
3. Direct contact between the client and a FMI expert
4. Reduced risk of the Financial Adviser being accused of non-disclosure
5. The Financial Adviser will have one less administrative step to complete, saving them time
6.  Ease of business for the client as no face-to-face meetings needed

The tele-underwriting process has been extremely well received by our clients and Financial Advisers as it maximises our underwriting efficiency and drastically improves our turnaround times. For more information on FMI’s underwriting process, please email FMI’s Head of Underwriting, Dennis Booysen on dennisb@fmiwp.