Capabilities

Underwriting Advantage

“Our objective is to secure for our clients the best and most competitive insurance product at the best risk classification possible.”

Insurance carrier underwriting offers have a significant impact on the cost of insurance. At SMB our strategic underwriting process optimizes the underwriting offers while minimizing bothersome medical and financial requirements. Some features of our underwriting process include:

Preliminary Review of Medical Records

When a client first starts the medical underwriting process, they complete a Confidential Insurance Questionnaire (CIQ) which allows SMB to collect their medical records and identify any medical disorders that may adversely impact the underwriting offers. We look for continuity and accuracy among all physicians’ records compared to information received from the client. In some instances where discrepancies are found, SMB can assist with a resolution. Should there be a health condition or impairment, we consult with the client’s physicians to get a sound understanding of the disorder/ailment to better position the case with the underwriter. Through the confidential preliminary review process, SMB can consult the client on the most appropriate action to take.

Large Case Market Consideration

For large cases that exceed automatic reinsurance capacity thresholds, SMB develops a strategic methodology for approaching the insurance marketplace to maximize retention limits and the insurance portfolio rate of return, avoiding reinsurance surprises.

Large Case Market Consideration

For large cases that exceed automatic reinsurance capacity thresholds, SMB develops a strategic methodology for approaching the insurance marketplace to maximize retention limits and the insurance portfolio rate of return, avoiding reinsurance surprises.

Informal Submission

The client’s medical records and insurance exam results are submitted to multiple carriers on an informal basis via a confidential, and secure on-line depository. The informal submission process avoids the potential for a detrimental Medical Information Bureau (MIB) client record and enables SMB to compare offers and negotiate favorable offers and pricing on behalf of our clients.

Underwriting Advocacy

As a member of M Financial, SMB has access to the M Financial dedicated underwriting advocacy team that has decades of experience working with insurance advisory firms and carriers to overcome challenges in the risk assessment process. The team’s expertise in a variety of key areas enhances our ability to simplify the underwriting experience for clients, facilitate competitive underwriting offers, and deliver effective underwriting support and service.

Underwriting Advocacy

As a member of M Financial, SMB has access to the M Financial dedicated underwriting advocacy team that has decades of experience working with insurance advisory firms and carriers to overcome challenges in the risk assessment process. The team’s expertise in a variety of key areas enhances our ability to simplify the underwriting experience for clients, facilitate competitive underwriting offers, and deliver effective underwriting support and service.

Tentative Offers

SMB provides clients with a clear understanding of their medical and lifestyle assessments, including any ratings and/or surcharges (if any). We also present our clients with tentative pricing based on those non-binding underwriting offers, which helps to set expectations for final pricing. We advise our clients that final pricing is dependent on formal underwriting results.

Formal Underwriting

SMB’s professional staff coordinates the scheduling of medical requirements based on age and desired death benefit. A paramedical exam, lab work, and, in some cases, an EKG is required. The client is provided a pre-exam checklist to help achieve the most accurate test-results.

Formal Underwriting

SMB’s professional staff coordinates the scheduling of medical requirements based on age and desired death benefit. A paramedical exam, lab work, and, in some cases, an EKG is required. The client is provided a pre-exam checklist to help achieve the most accurate test-results.

Formal Application Process

After the carrier and products have been chosen by the client, SMB’s professional staff coordinates the completion and submission of all related paperwork to the insurance carrier. We serve as the client’s advocate, fielding questions and assisting with obtaining outstanding requirements.

Confidentiality and File Maintenance

We believe that data security (e.g. keeping our client’s data, strategic plans, health records and financial information, etc.) is of utmost importance. To that end, SMB has invested significant time and resources to develop work processes, update facilities and implement technology to comply with The Health Insurance Portability and Accountability Act (HIPAA). While a description of HIPAA compliance is well beyond the scope of this response, below are a just few examples of our security measures.

  • All emails (data in transit) are sent with Transaction Layer Security (TLS) encryption.
  • All servers, workstations, laptops, smart phones, and tablets are encrypted and password protected pursuant to strict HIPAA standards.
  • Staff access to SMB’s client database, medical records and client work-papers is on a “need to know” basis.
  • Hard-copy client folders are securely locked in file cabinets when not in use.

Confidentiality and File Maintenance

We believe that data security (e.g. keeping our client’s data, strategic plans, health records and financial information, etc.) is of utmost importance. To that end, SMB has invested significant time and resources to develop work processes, update facilities and implement technology to comply with The Health Insurance Portability and Accountability Act (HIPAA). While a description of HIPAA compliance is well beyond the scope of this response, below are a just few examples of our security measures.

  • All emails (data in transit) are sent with Transaction Layer Security (TLS) encryption.
  • All servers, workstations, laptops, smart phones, and tablets are encrypted and password protected pursuant to strict HIPAA standards.
  • Staff access to SMB’s client database, medical records and client work-papers is on a “need to know” basis.
  • Hard-copy client folders are securely locked in file cabinets when not in use.