Underwriters utilize a number of "tools" during the assessment process of a life insured. These provide a wide array of additional data points and insight that just cannot be gleaned from doctors reports. A number of these tools are unavailable to the Life Settlement (LS) underwriter - however, two of the most valuable tools ARE available however investors often don't know about these tools and they are not readily available by the life expectancy providers in the industry.
Two critical underwriting tools are the telephone interview and the RX profile. Telephone interviews, completed by the experienced underwriter, can provide a tremendous amount of insight into the individuals medical history, compliance with therapy, details on doctor consultations, and most importantly-lifestyle (activities of daily living-ADL) factors. A recent study of 658 seniors noted a direct correlation of lower mortality and morbidity rates associated with a senior engaging in a "hobby". Researchers found that with a simple "hobby" a senior was more likely to have increased ADL scores, lower depression scores, and closer ties to family and friends. Simple, but critical, insight gleaned from a simple conversation with a senior that will rarely be reflected in medical records but can have a tremendous impact in the individuals longevity.
The RX profile is a simple pharmaceutical database check that provides an underwriter with critical data on the individuals medications, the refill history (denoting compliance, or non-compliance, of prescribed therapy), insight into changes in medical history (outlining introduction of new medications or changes in prescribed amounts) and detail on prescribing physicians. A simple check that provides a tremendous amount of information, that reviewed by a trained underwriting professional, can be a powerful tool in assessing ones mortality.
These tools are the "tip of the iceberg" in the benefits that can be gleaned from these sources. The lingering question may be "Why don't all underwriting firms offer these benefits to their customers?". It's this underwriting professionals "humble" underwriting opinion that because some groups do not appreciate the value an underwriter brings to the assessment of an individuals mortality-they disregard all traditional underwriting tools and methodologies-stating that they have no basis in understanding an individuals mortality. Additionally they don't have ready access to obtain these value added products.
AUS, founded and managed by underwriters offers our clients the full value of all underwriting tools available-from medical history interviews by an experienced underwriter to RX profiles to our clients. Traditional life insurance and life settlement clients have full access to our suite of services-including our blog!
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