[REPLAY] Live Q&A Session with Zach Pugh from Banner
Recorded 08/24/23
Missed our live Q&A with VP and Chief Underwriter Zach Pugh last week? Click below and watch the recording where you will learn about:
- LGA’s underwriting philosophy
- recent changes made to our underwriting Field Guide
- what we’re doing to stay competitive
You recently heard from our Chief Underwriter, Zach Pugh and got an inside look at the transformation occurring on our underwriting superhighway.
Today, we’re introducing you to two more underwriting leaders, Janet Joslin and Michael Tunney. They sat down with us to answer key questions about inclusive underwriting – and what it really means for you and your clients.
Q: When you say “more inclusive” underwriting, what do you mean exactly?
Michael: Inclusive underwriting means two things: First, that we do a better job of including the advisor in the underwriting journey. Second, that we’re more accepting and creative in our underwriting decisions. In both instances, our goal is to humanize the underwriting process.
Q: How will you improve the underwriting experience for advisors? I never know who I can call for help.
Janet: Rather than getting a different person on the phone every time you call, you’ll have a single underwriter for each case from start to finish. Your firm will also have a designated Underwriting Manager you can call at any time for general questions and guidance. You can find your Underwriting Manager’s contact information on the “Our Team” page of the Advisor Hub. I want to really emphasize that we want you to call us. We want to better understand your clients and creatively work together to find ways to get them coverage.
Q: What about advisor communication within the portal?
Michael: You’ll be glad to hear that advisors now have the ability to respond to RTMs (response to memo) so you can respond to questions on behalf of your clients. We’re also making better use of electronic health records to find the data we need without bothering you and your client – which also helps expedite decision cycles. We’ve also increased autobind retention levels, which will enable you to submit larger cases.
Q: What are some ways that your new approach is more inclusive for our clients?
Janet: We recognize that in the past, our underwriting process was a little too rigid. We are now creating processes with more flexibility. We’ve relaxed our underwriting guidelines on some common health conditions, and we’re more accepting of some travel and activities that raised red flags in the past. We’ve also updated financial guidelines, with more lenience around student loans to help you be more competitive.
Q: What else should we expect?
Michael: We’re using data and predictive analytics to better understand risk. As we learn more, we will continue to evolve. Our underwriting transformation will be ongoing – and we’ll keep you informed every step of the way.