Our Underwriting Advantage
"Our objective is to get our clients the best possible insurance for the lowest possible price."
Insurance carrier underwriting offers have a dramatic impact on the cost of insurance. At Gateway Financial our strategic underwriting process optimizes our clients’ underwriting offers while minimizing bothersome medical and financial requirements. Some features of our underwriting process include:
- Preliminary Screening of Medical Records
Before we allow insurance carriers to access our client’s medical records, we gather the records ourselves using a Preliminary Insurance Questionnaire and an authorization to obtain medical records, then “scrub” the records. We carefully identify any medical issues that may have a detrimental impact on underwriting offers, clarify the severity of those issues with the client and their physicians, then present the clients’ health records to the insurance carriers in the best possible light. This pre-underwriting process not only improves underwriting offers, it also protects our client’s Medical Information Bureau (MIB) record from getting unnecessarily “tainted”.
- Secure On-Line Portal
Gateway uploads our clients’ medical histories and other requirements (exam reports, lab results, etc.) to a proprietary centralized, secure, on-line underwriting depository, where insurance carriers can login on an “invitation-only” basis, review the information provided, submit their preliminary underwriting offers and specify any additional necessary requirements (e.g. lab tests, inspection report, motor vehicle report, etc.). This “reverse auction” process, is an effective, efficient and highly confidential method to shortlist carrier contenders while mitigating additional irritating underwriting requirements. Refer to “Underwriting with Multiple Insurance Carriers”.
- Coordinated Retention and Reinsurance Management
The underwriting process for large insurance acquisitions is complex. Sending the client file to all insurance carriers at once causes “reinsurance gridlock”, underwriting slows to a snail’s pace, insurance carriers decline to offer coverage and the credibility of the client is damaged. At Gateway Financial, we utilize a methodical, disciplined approach which optimizes reinsurance super pools, maximizes retention limits and ultimately boosts the client’s rate of return on their premium dollars.
- Exam Tips and Inspection Report Preparation
Gateway Financial’s pre-underwriting process assures that a client’s medical history is presented in the best possible light….but we don’t stop there. We provide our clients with exam tips and questions to expect during the inspection report interview so that these medical requirements produce the best results as well.