Presentation Title Here - Nationwide Financial · • Increased staffing of Case Managers dedicated...
Transcript of Presentation Title Here - Nationwide Financial · • Increased staffing of Case Managers dedicated...
• iPipeline • Organizational Update • Field Underwriting Processing Tips • Underwriting Programs • Case Study • Foreign Travel & International Risk • Case Study • Reinsurance • Questions • Summary
Agenda
1 FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
What is iPipeline e-Applications?
Best way to complete your fixed life apps
Forms wizard approach
Your guide to a 100% in-good-
order app
FOR INSURANCE PROFESSIONAL USE ONLY – NOT FOR DISTRIBUTION WITH THE PUBLIC
Why use iPipeline? Easier than paper
• NO questions missed • NO missing forms • NO missing signature • NO additional work
Faster than paper • Fewer touchbacks to your client • Screen guides you through what’s
important, what’s not • Cuts underwriting time down by multiple
days
More options than paper • Ability to email forms to client – sign
remotely! • Save your work and return later
Get paid
quicker
Clients covered faster
FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
View My Cases
The My Cases screen shows
cases a producer has worked on in
iPipeline
Cases stay in My Cases for 120 days before they
automatically delete from the
system
You can delete, duplicate or add new cases from
this screen
FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
e-Application information
Fields highlighted in yellow are required
for application to be in good order
Nav bar lets you know what screens
are (in)complete
Additional questions auto-
generate as necessary
FOR INSURANCE PROFESSIONAL USE ONLY – NOT FOR DISTRIBUTION WITH THE PUBLIC
Sample application pdf
Easy to read
Signatures applied across all
documents
FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
Electronic signatures
• Ensure all signatures are completed in good order
• Expedite processing • Get paid faster
Why eSign?
Face-to-face eSignature • Sign in-person without printing
the application • Sign without purchasing or
installing a signature pad
Email eSignature • Clients can sign without
coming to your office • Use remote PCs, smart
phones and tablets to sign
FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
Training Available Live Webexs • Schedule available at iPipeline Booth
Automated Demo • Available 24/7 on the Nationwide Site
PDF screen-by-screen guide
Nationwide Call Center • 1-866-678-LIFE
FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
Organizational Update
Large increase in WFG applications since 2011
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Year Total WFG Life Insurance Applications Received
YOY Increase %
2011
1,301 2012
7,068 443.30% 2013
11,982 69.50% 2014
16,113 34.50% FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
Organizational Update • Increased staffing of Case Managers dedicated to WFG from 0 in 2011 to 27 by 2014. • Added one Underwriting Manager, one Case Manager Supervisor, and one Team Lead • 6 leaders directly supporting WFG New Business
10
0
5
10
15
20
25
30
2011 2012 2013 2014
Case Managers
Case Managers
FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
Organizational Update • Consistently meet our service level agreements (since November
2014)
• Created a more manageable workload for our associates, so they can focus on the service you deserve!
• Implemented several Continuous Improvement initiatives: • More structured training approach • Improved communication – new welcome/initial
review email • Stronger resource tools for underwriters:
• Less EKGs • Consistent exception handling
11
FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
• Set appropriate expectations. All statistics are from January 2014 to present: – Base Non Tobacco Preferred Plus and Non Tobacco Preferred = 45.9%
– Long Term Care Rider Non Tobacco Preferred = 44.03%
– Base Decline = 13.0%
– LTC Decline = 31.8% – The remaining approximately 54.1% is standard or rated
– I-Pipeline applications - 62.4%
Field Underwriting
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• Use iPipeline – average time service is 3 days faster
• Underwrite – gather medical, avocations, travel, and financial information to ensure underwriter has needed information to make a decision
• Fully complete the application with all medical history, physician contact information, and prescribed medications – this enables us to order medical records if required at the time of application submission
• Include cover letters – does the case make sense?
Field Underwriting
13 FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
• Preferred Vendors: –APPS (American Para Professional Systems) –ExamOne –Portamedic
Field Underwriting
14 FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
• Understand competition
• Nationwide’s underwriting niches: – Ages 35-65 – Standard and better risks – Build – Cardiac – Barrett’s esophagus – Aviation – Preferred Consideration for some Diabetics
• Communication is critical – before, during, and after
Field Underwriting
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Underwriting Programs Wellness Credits
– Automatic review of all cases to see if they are
eligible for credits to improve their rating
– Open to all ages
– Open to all face amounts
– Open to all Nationwide YourLife products except Nationwide Your Life Single Premium UL
16 FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
Underwriting Programs Placement Improvement Program (PIP) – Table C to Standard
– Insured’s 15 to 70 – Policies with specified amounts totaling $100,000 and $10 Million – Policy increases where the original policy was issued at Table C or
better – Available on Whole Life series, Accumulation VUL, Protection VUL
and Survivorship VUL Other Opportunities to offer better rating using:
– Preferred Stretch Guidelines – Business Decisions
17 FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
Case Study • 65 Male applying for $100,000 Indexed UL, $100,000 LTC • Diagnosed w/ Diabetes and Hypertension 2 years ago • Medications: Lisinopril, Metformin • Insurance exam – 5.9.170, BP 115/80, Both parents lived to age 80+ • Insurance Labs – Glucose 95, A1c 6.1, Chol 205, Chol/HDL 3.0 • Medical records – Well controlled Diabetes since diagnosis in March 2013, A1c results
between 6.1-6.5, with last 3 readings below 6.3 • Medical records cont. Hypertension well controlled, 12 month average – 115/78
– What factors make this a favorable case?
• Family history, Consistent A1c control, recent Diabetes diagnosis, and age
– What would be the best case rating? • We would consider preferred on this case due to the favorable factors. Would also
be considered “best case” for Diabetic applying for LTC: Approve LTC Table B.
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Include a fully completed Foreign Questionnaire and copy of visa or green card, if not a US citizen and for all foreign national cases and if travel within the next 12 months or previous travel history.
General guidelines for Foreign National’s in A/B countries: • Permanent coverage only • No LTC or supplemental benefits • Ages 18 – 70 • Classification of Table D or less • Applications & exam taken on US soil
Foreign Travel & International Risk
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General guidelines for Foreign National’s in A/B countries:
• Occupation should be technical or professional in nature
• Applicant should have connection to US (property, visiting,
business, etc.)
• A country (autobind up to $10,000,000)
• A country (can consider NTPP)
Foreign Travel & International Risk
20 FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
Changes effective early September:
– Allow NTPP rates on travel to A and B countries (B countries used to be at best preferred)
– Foreign nationals in B countries can autobind reinsurers up to $5,000,000 ($1,000,000 retention only – no autobind)
– Some B country residents can consider NTP – Brazil, China, Israel, Mexico (previously best case standard).
Foreign Travel & International Risk
21 FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
Case Study • 29 Female, Applying for $200,000 Indexed UL, $200,000 LTC rider • Application indicates clear history, Mexican citizen, Housekeeping • Income - $25,000, in US x 10 years • Received copy of consular ID – expires 5/17 • No driver’s license, takes public transport • Received foreign questionnaire – no travel plans, Mexican citizen, not fluent in English • Medically qualifies for Non-tobacco preferred plus
o What factors make this a favorable case?
• Employed, US x 10 years, no travel planned, valid consular ID with expiration > 1 year from application date
o How would we handle?
• We would be willing to offer preferred, since the proposed insured is from one of our designated “B” countries (Mexico, China, Brazil) and qualifies for Non-tobacco preferred plus. LTC rider would be declined due to non-green card resident.
22 FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
Case Study
• 42 Female, applying for $1,500,000 IUL with $500,000 Long term care rider • Application – clear history, last Dr. visit 1/13 – normal checkup, build 5.0.100 • Occupation – Attorney, income $200,000, Net Worth $2,500,000 • Insurance exam – 5.1.97, BP 132/75, history of abdominal pain in 2009 with antibiotic
treatment and normal abdominal and pelvic ultrasounds • Insurance Labs – Cholesterol 156, Chol/HDL ratio 2.32 remaining labs within normal
limits • Medical records – Medical history on exam confirmed by medical records. Last Dr. visit
we have is from January 2013 Weight on that visit was 5.1.98 and was between 94-99 lbs in all visits from 2010 – 2013.
o What are your concerns, if any with this information? o How would you quote this applicant? o Could Long Term Care present a challenge on this case?
23 FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
Two types of reinsurance: • Automatic – happens behind the scenes • Facultative – we initiate
–Determine we are not interested in the risk –Believe a reinsurer is able to provide a better
decision –We pass the entire premium and risk
Understanding Reinsurance
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Reinsurance is not a “bad” word:
• When do we use reinsurance? –Certain impairments – Positive CDT, Hep C
• Why do we use reinsurance? –Mitigate our individual corporate risk –They are “noted” industry experts –Helps with our product pricing, drives down cost of
insurance
Understanding Reinsurance
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• The sooner we get complete information on a case the faster we can make a decision
• Communication will make our partnership more successful
• We’ve listened to your feedback and made some significant changes, especially with B countries
• Let us work with reinsurance on cases to help place more business
Summary
27 FOR INSURANCE PROFESSIONAL USE ONLY - NOT FOR DISTRIBUTION WITH THE PUBLIC
Life insurance is issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. Nationwide, Nationwide is on your side, and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2015