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Collecting Relevant Data for TeleUnderwriting

The use of telephone interview to accumulate risk assessment information from applicants has been used in the insurance industry for quite sometime. However, the trend of Tele-underwriting to assess risks and determine policies for insurance applicants is somewhat new, though it is based on the concept of Tele-interview. The success of Tele-underwriting depends on effective communication.

Here are a few tips that would be of help in communication between the applicant and the interviewer. Appropriate and adequate support extended to the applicants before the interview is necessary for preparing them for the interview.

Before the interview

Enquire about the appropriate time for the interview: Ask about the right time to call as well as the number on which to make the call to ensure that the applicant is prepared for the interview.

Inform them about the interviewer profile: Different insurance companies may appoint different employees for this task. Tell the applicant whether a customer services representative, an underwriter or some other individual would conduct the interview.

Tell them about the reason for the interview: It is necessary to let the applicant understand the purpose of the interview as well as the fact that this is part of their insurance application processing.

Advise them about the required information: The Tele-underwriting process would involve a set of questions depending on the type of insurance policies and products applied for. Inform the applicant about the nature of information they would be asked to provide.

Remind them about the significance of disclosure: It is necessary that the applicant is aware of the importance of disclosure. They need to be informed about the loss of coverage in case of failure to disclose important facts.

Tell them about the recording of the interview: Make sure the applicant is aware of the recording of the interview. This is necessary for risk assessment as well as for monitoring and training of contact centre staff members.

Inform them about the summary of the interview: The summary of the questions and answers asked in the interview is sent to the applicant to provide them reference for future use.

During the interview

The effective collection of information during the interview depends on certain factors.

  • The way the applicant understands the question
  • The way the question is asked
  • The information available
  • The information that the applicant remembers
  • The way the information is collected

The accumulation of relevant details from the applicant ensures that the risk assessment and decision making can be completed with ease. Use of automated tools for these tasks may be of considerable help. Moreover, minimal human intervention at this stage also enhances the scope of straight through processing in insurance.

The success of Tele-underwriting depends much on the skills and efficiency of the individuals conducting the interview. Competent professionals ensure collection of necessary data for assessing risks associated with the entity and reaching insurance policy and premium decisions. The use of an automated system at this stage ensures fast and accurate results and enhances customer satisfaction.

Author Bio

Daniel Smith is a professional underwriter. He provides tips and suggestions for insurance businesses looking for underwriting software. If you are trying to find more information about the importance of STP in insurance, he suggests you to visit http://automation.munichre.com/for further details.


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