Underwriters are often considered as people who are behind the curtain. They are the central individuals who determine what we should pay for the policy. It would be great if we know what makes underwriters unhappy or happy. Avoiding things that may upset underwriters could also help us immensely throughout the whole process. There’s a clear correlation between the insurance rates and the quality of information that is given to the underwriter. In essence, the less we put in, the less we get. We will get more if put in more good things in the process. In this case, we should avoid giving underwriters poor information.
Brokers have a complete set of underwriting questions that will be asked to clients. This is a familiar process for people who have ever quoted their insurance. Consumers should know that what seems mundane to them, can be really important to underwriters. There is always a reason why underwriters want to know specific things. Regardless of how trivial a question is, there’s a valid reason why we should provide better information, so we will obtain better quote. As an example, there could be multiple names of insures and the more accurate information, the better it would be.
Many people don’t know that underwriters actually check their websites and social media accounts. They go over everything with fine brush to find unusual things in our fabric of life. Even prideful boasting in social media could become red flag to underwriters, because this could indicate a less stable mentality. It is not a good idea to underestimate what underwriters could do in determining our rates. Before applying for essential long-term or even lifetime insurance policies; we should try to highlight positive aspects of our lives. We shouldn’t give underwriters reason to significantly increase our rates.
We should also understand the relationship between the loss control representative and the underwriter. In this case, loss control officials are essentially the eyes and ears of underwriters. It is very rare for underwriters to not work with loss control personnel. If we want to impress underwriters, we should also be able to impress loss control department. It is important to make sure that our dealings with the loss control department go really smoothly. They often perform physical inspections and all findings will be reported to the underwriter. In this case, if we want to apply for homeowner’s insurance, we should makes sure to implement proper safeguards of the place and have a good housekeeping. We should also have good attitude towards minimization of losses and safety. It is important for us to be receptive of their suggestions and it is not a good thing if we are confrontational. We should be aware that all the good and bad things will get back to the underwriter and eventually they will be reflected in pricing. It is clear that we should everything we can to make underwriters happy with our situation.