Friday, June 12, 2015

AIG Overhauls UNDERWRITING!














Tax Transcripts – gone!

Yes, you read it right. The IRS 4506T Tax Transcript is no longer required unless a case exceeds $5,000,000.
#wearehappytoo
-

Inspection Reports – gone!

Until a case exceeds $10,000,000 – then we will order one, but all others are gone, effective immediately. (Cases already in progress unfortunately do not qualify.)
#talkaboutredundant
-

Lab Scoring now used to IMPROVE offers

Yes, lab scoring details are still proprietary – but they are now used to give customers credits or better-class offers where possible.
#turnaboutisfairplay
-

EXPANDED Standard

Now many permanent plans up to Table C will be standard!
#itskindofliketableshaving
-

ENHANCED Underwriting Processes

Internal improvements are being made to TRULY make it easier for you to do business with AIG. Our goal: Better offers in less time!
#empoweringpeopleisgood
-





Check out
our updated
Field
Underwriting
Guide.

AIG is on a mission to earn your business, plain and simple. We know
you have a choice of carriers, and WE want to be your ‘go to’ partner
for the most competitive underwriting offers. Give us a try and experience
the difference!


See below for more details and explanation on the above BIG NEWS ITEMS -
effective June 8, 2015.








1.

Tax Transcripts: Because we have other ways to get the information needed, we are raising the point at which we require an IRS Tax Transcript (IRS form 4506T) – now only needed for amounts greater than $5,000,000. Applicable to term and permanent plans equally. The 4506T is still required for amounts over $5,000,000; however, even for the higher face amounts there are often alternatives to the tax transcript requirement. Contact your underwriter or case manager in these situations.




2.

Inspection Reports: We are eliminating traditional telephone inspections (IR’s) up to and including age 70, for amounts up to $10,000,000. Applicable to term and permanent plans equally. We are replacing the inspections with an electronic records report that will be transparent to your customers. No more inspector calls asking awkward income and financial information of your clients and, more importantly, no more requests to contact neighbors, friends, or work acquaintances. We will obtain the information we need through other tools and database checks. Please note that Foreign Nationals residing outside the United States will still require Inspection Reports at the previous levels – which is OVER $1.5Million face amount on Permanent Products.




3.

Lab Scoring: We are now using AIG’s proprietary Lab Scoring methodology to IMPROVE offers for clients whose scores are favorable. With improved offers from positive lab scoring, AIG is now able to be substantially more competitive on standard or better cases. The improvement ranges will vary by age and class, and the best part: we retain our current, competitive preferred class criteria, preferred offsets, healthy credits, and better choice preferred programs!




4.

Expanded Standard: We are liberalizing the definition of expanded standard on most permanent plans to now include risks up to Table “C” (applies to our ‘AG’ series of products only at this time – does not include the ‘QoL’ series). Our current expanded standard only includes cases up to Table “B”. This ‘beefed-up’ expanded standard class allows you to compete much more effectively with other company’s table shaving programs. The other components of the Expanded Standard program remain exactly as they are today.




5.

Streamlined UW Processes: Finally, we are making several internal process changes to make AIG’s underwriting faster and more efficient. We are empowering our underwriters at all levels to make decisions on their own. Several redundant reviews and co-signature requirements have been eliminated, including some medical and manager reviews. Caveat: This doesn’t mean underwriters will disregard underwriting requirements, impairments, or waive routine requirements. Nor does it mean they will be able to approve every case Preferred Plus. It does mean they will make the most competitive offer they can – on their own. It also means they will be free to explore alternatives with you – for example: to accept recently-expired requirements.




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Policies issued by American General Life Insurance Company (AGL) except in New York,
where issued United States Life Insurance Company in the City of New York (US Life).
Issuing companies AGL and US Life are responsible for financial obligations of insurance
products and are members of American International Group, Inc. (AIG). AGL does not solicit
business in the state of New York. Products may not be available in all states and product
features may vary by state.



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Peter Zinnen is Senior VP for Operations 
at The Thompson Agency.
His technical expertise and creative problem-solving
skills make him your perfect resource for plan strategy
and carrier recommendations.
You can reach Peter at: 800.842.8289 Ext. 300
or email at:
pzinnen@thompsonagency.net


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