With only a few carrier exceptions, enhancement and streamlining of the underwriting process over the past few years has primarily focused on cases in the $1 to $3 million range, with a maximum age 60 limit and qualifying rate classes of standard or better.  While these applications cover a wide swath of carrier submissions, they typically fall short both for large case applicants who desire an expedited, less invasive underwriting process, and for opportunities that truly move the premium dial for producers.

John Hancock stepped up big time recently and developed a solution to this large case problem by rolling out their Concierge Underwriting Process.  This truly exceptional and forward-thinking process focuses on large face amount applications with the goal of eliminating, when possible, any need for an underwriting insurance exam.

With a minimum applicant household net worth requirement of $10 million, the process is offered to applicant ages 35 to 70, with face amounts starting at $5 million, up to John Hancock's Auto and Jumbo reinsurance limits of $65 million.   In addition, the process is available to all eligible rate classes for all term and permanent plans of coverage, single life and survivorship.

Using the Concierge approach, John Hancock underwrites by first determining the information available from an applicant's medical records, including traditional attending physician's statements, electronic health records and patient portal information. The underwriters look for complete records within the past 5 years that include diagnostic and surveillance testing and EKGs.  In addition, for ages 35-50 the underwriters prefer to see a complete exam including blood and urine testing done in the past 18 months, and for ages 51-70 in the past 12 months.

The Concierge process is also dynamic.  For instance, if an age 70 applicant has all the appropriate physical exam and testing completed within the past 12 months except for a urinalysis, John Hancock will only request that test be completed.  All other medical information received will be used in place of an insurance exam.

Given time other carriers will follow John Hancock's lead and develop similar models, and they should be encouraged to do so.  It's what the large case market needs and requires moving forward.