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    The THINK Blog

    Internal vs External Underwriting Auditing: PART ll

    Posted by Jennifer Miller

    Dec 16, 2014 12:38:28 PM

    Hi again, 

    Not long ago I covered part one in my series of Internal vs External Underwriting Audit and I discussed whether or not They Both Have their Place in Today's Successful Life Insurance Market. As a refresher, we weighed the pros and cons and determined that, YES, a regular balance of internal underwriting audits and external third party audits was the key to success. Today, however, I'd like to highlight some cautionary factors that are important to be aware of when deciding to take the "external" route

    ExternalAuditing-

    External reinsurance audits are a necessary and required exercise, especially when it comes to strengthening the business relationship and understanding the direct insurer’s underwriting processes and procedures. However, they are not entirely independent. The reinsurer has a client relationship to maintain with a direct company, and in light of this relationship, there may be a tendency on the reinsurer’s part to soften the message on the audit results. In addition, reinsurance audits can also tend to be both line of business and product focused, which may deter from providing a holistic or accurate picture of risk assessment.

    However, there are quite a number of benefits to having external third party underwriting auditing completed.

    A good third party external audit can provide you with:

    • A fresh perspective or bird’s eye view on how your underwriting shop assesses risks (how they do it, why they do what they do) and how they apply and interpret policies, procedures, guidelines, processes, practices and the overall underwriting approach) which can bring to light issues that would not otherwise be apparent to an internal resource.
    • Appropriate auditing resources so there is no tapping into internal resources which may result in the  loss of an experienced production underwriter for audit related work.
    • Objective results.
    • Access to industry underwriting standards and best practices. Audit analysis summary and reporting suited to the C-suite.
    • Multifactorial analysis and scoring method based on the results which provide quantitative and qualitative results.
    • Solid recommendations around areas for improvement.
    • Independent review.
    • Experienced underwriting auditor(s) that are well-seasoned and educated by all accounts, having underwritten in both large and small shops, clinical background, many years of underwriting experience (with multiple companies, countries, lines of business, and markets).
    • A team of auditors available to perform a robust audit with a large number of cases (where a lead auditor manages the overall audit) and within a specified time frame.
    • Technical abilities to process large audits in concentrated, short periods of time with firm deadlines and deliverables.
    • A selection of various types of audits geared to your objective that allows you to analyze and understand your business.
    • Ability to work in a secure environment remotely which can save you costs.

    Now, the big question! What to look for in an external audit vendor?

    Jennifer_Miller

    Jennifer Miller is Senior Underwriting Specialist at LOGiQ3
    Meet Jennifer

     


      Here is a list of my criteria to choose an appropriate auditor for your auditing needs:
    • An audit team of highly experienced auditors with multiple line, company and international experience.
    • Technical aptitude - cutting edge technical capabilities.
    • Proven ability to perform an objective, holistic review with a track record (i.e., references, testimonials).
    • Personable, well represented with abilities to present to executive audience.
    • Ability to provide a secure data environment.
    • Unparalleled, quality reporting (ask for a sample report).
    • Detailed scoring & trending - quantifiable results.
    • Ability to make observations and recommendations for areas of improvement.
    • Ability to provide an overview of overall underwriting process.
    • Experience with interviews of underwriters, key leadership, compliance & privacy, support staff.
    • Flexibility to tailor  the audit to the needs of company & leadership team – asking the right questions to identify objective of the audit.
    • Offers specific focus.
    • Good communication skills.
    • Availability for on and off-site work.
    • Focus on cost-effective, value-added results.
    • Offers a secure environment for data.

    So what does all of this boil down to? Well, it's important to internally audit where possible, but equally (if not more) important to obtain objective third party views of where your underwriting shop lands in relation to the industry at large. 

    Where does your company stand in comparison to this? From what I've seen and what we believe here at LOGiQ3, a healthy combination of internal underwriting audits in addition to strategic external third party audits will spell SUCCESS in today’s competitive underwriting shop. 

    To find out more about underwriting audit or to help align your business processes and implement a suitable Underwriting Audit Program, feel free to set up a free consultation with us! 

    Topics: Underwriting, Audit

    Does Early Rehab Improve the Outcome of Disability Claims Handling?

    Posted by Fernanda Rodriguez

    Dec 10, 2014 10:00:00 AM

    Claims_Adjudication_Rehab-1

    Assessing disability claims can be a culinary art sometimes...

    ... You have to mix the right combination of several ingredients to bake a delicious cake, or in the case of a disability claim… a delicious decision!

    Contrary to the stereotype of claims being automatically denied, in claims administration, the job of the Claims Adjudicator (adjuster/case manager/assessor) is not just about making decisions based on days of the week or moods or the luck of the draw.


    It is to review all evidence and use a combination of skills (medical, legal, financial, occupational, etc.) to arrive to a fair decision in the quickest time possible.


    At the same time the adjudicator must maintain the trust of the claimant and manage expectations from advisors, employers, managers, etc. Not an easy task…and to complicate matters, let’s not forget that the Claims Adjudicator is dealing with humans, and human beings are all unique and react to adversity in different ways. For example, a claims department may use reasonable recovery times as guidelines for return to work, but the truth is…individuals have different pain tolerances, mind sets, motivations, and emotional IQ’s. Therefore, an insurer's claims experience and ultimate recovery guidelines are not the same for all. 

    In my many years of claims adjudication, I have learned that the claims on my desk could not be treated simply as files; but rather as someone’s personal, individualized story. Therefore, I found that close interaction with the claimant was ALWAYS the best practice. 

    • It allowed me to gain a better understanding of their personal story.
    • It assisted me with connecting the dots, or completing the puzzle.

    In my experience, I have found that most claimants do wish to go back to work as soon as possible, but have to deal with many barriers. Therefore, time is of the essence during this small window of opportunity.

    Take a look at this chart:   

    Beige_claims_chart

    Published in 2005 by the American College of Occupational & Environmental Medicine

    As you can see, only 2% of claimants off work for a period longer than one year go back to work. These results show that there are opportunities in refining best practices to resolve claims more quickly. 

    Fernanda_Rodriguez_icon

    Fernanda Rodriguez is Senior Claims Consultant at LOGiQ3
    Meet Fernanda 

    Imagine how much we could help our claimants and how much we could reduce claim handling costs and reserves if we started focusing more on working closely with our claimants and introducing rehabilitation early on in the claim process is key. The claimant would likely restore his/her self-worth, preserve job skills, reduce the risk of isolation and depression…and the disability duration could be shortened, translating into a lower claim payout.  Everyone wins!  

    Times have changed and as the world and technology evolve, we should also evolve in the way we handle claims. It is time to use an old ingredient in this culinary art, to gain even better outcomes: Better informed claim decision, with higher claimant satisfaction and significant savings for the insurer! 

    Care to share your thoughts and best practices in regards to claims handling and rehabilitation? Please share them by commenting below!  If you would like to find out more on our claims administration and consulting services, you can schedule a free consultation with us right here!

    Carmela_Claims_adjudication_CTA

    Topics: Claims

    Four Emerging Trends in Life Underwriting

    Posted by Nick Joly

    Dec 7, 2014 7:30:00 PM

    underwriting_trend_watchresize

    As a life insurance and reinsurance outsourcing and consulting services provider... 

    It is crucial for us to stay up to date with today's market and technological trends. Our bright team of underwriters not only grow to become experts in their field of life underwriting, audit and claims, they also keep an eye out for changes and innovation in the industry - as this is the key to not only learning, but staying ahead of the curve in an ever evolving industry! That being said, a couple of sharp underwriters from our team have joined forces to bring you some...

    Emerging Trends in Life Underwriting

    ...that every underwriter should be aware of to grow in their careers and in today's business!  On the menu of trends today...

    1. Wearable Technology
    2. Emerging Risks
    3. Identifying Needs of Millennials
    4. Turning Change into Opportunity

    For more insight into each, see below! 


    1. Wearable Technology Brings a Potential for Change

    CAMS – Cloud, Analytics, Mobile and Social. “These four components are the driving forces behind technology development today” says Peter Pleckaitis, leader at IBM. 

    Wearable devices such as Google Glasses, the Apple iWatch, and others, particularly designed to monitor vital signs related to health have the potential to change the health and life insurance market in many ways. 

    For one, these devices are being purchased in large and growing numbers. The Accenture 2013 Consumer-Driven Innovation Survey suggests that 46% of insurance customers are already interested in lower life premiums based on exercise levels and other indicators recorded by such devices. Many of the applications for these technologies are capable of monitoring a breadth of information including breathing, heart rate, sleep, hydration levels, calorie intake, movement, and much, much more. Underwriters will need to prepare for reviewing much more information than they have had to historically if life insurance companies begin using the data from these devices (a likely occurrence). 

    While customers have hopes of obtaining lower premiums, just think of the protective value to the insurance companies! A win-win? 


    2. New & Emerging Risks

    Lindsay_loft_icon
    Lindsay Loft is Underwriter at LOGiQ3
    Meet Lindsay

    Swiss Re published a great article on some of the newest & emerging risks in Life Insurance. Economic, technological, socio-political, and environmental changes all have the potential to change risk. Some interesting themes for life and health risks include air pollution as a mortality driver, and democratization of genetic testing.

    The article further explains, some parts of the world are experiencing a significant increase in air pollution exposure due to rapid industrialization. China is a perfect example of this. The impacts on human health are starting to become visible and studies show life expectancy in these areas to decrease by 3-5 years. Air pollution has been linked to impairments such as chronic obstructive pulmonary disease (COPD) and cancers such as lung and bladder cancer.

    The World Health Organization has now classified outdoor air pollution as a carcinogen to humans. 

    The risk of democratization of genetic testing can help to diagnose the genetic basis of a disease and may also uncover predispositions to cancer or other diseases. However, results depend both on reliable laboratory procedures and accurate interpretation of results. The potential impact on life and health insurance markets include the implication of anti-selection, issues with privacy laws, medical malpractice claims, and more.


    3. Identifying the Needs of Millennials

    A great infographic was published recently from Gen Re, a financial services company specializing in reinsurance. Their infographic and accompanying blog post aimed to find what made millennials tick and how they can help companies further engage this generation.

    Millennials, also known as Generation Y, include anyone born between 1980 and 2000. This generation wields significant spending power & influence and possesses particular attitudes & behaviours that call for innovative approaches to marketing and communicating insurance value propositions.

    This group will be shaping the insurance industry over the next decade both as consumers and as employees.

    Studies show that millennials are less financially literate than their older Gen Xers and are skeptical toward financial institutions. This tech-driven generation poses a challenge to the insurance industry's established communication strategies.

    Soon millennials will be impacting the industry from within as hundreds of thousands of insurance positions are set to be filled by this group by 2020, with many aspiring to be leaders in the next five years!

    What are you doing to attract the next generation of Life Underwriters? 


    4. Turning Change into Opportunity

    Demographic shifts and changing customer behaviours will help shape the life insurance industry's long term future and, the insurers who anticipate these changes will be better positioned for future growth.

    The Internet, mobility and social networking have created a new generation of customers who demand simplicity, speed and convenience. These trends will only accelerate, which very well may lead to a situation where customers will be more willing to buy 'direct'... resulting in the disappearance of distributors as sales channels.

    What's more? Environmental factors and changing customer behaviours will also greatly affect the life, annuities and retirement sectors, which will experience significant change, such as new value offerings for seniors and better risk management.

    As a result, underwriting executives will be looking for ways to exploit new sources of information to improve risk selection. With the right talent and proper use of information and analytics in underwriting, a greater number of transactions can be automated and this will help overcome the looming talent gap as the current generation of underwriters approach retirement age.


    jen_sadler_icon
    Jennifer Sadler is Underwriter at LOGiQ3
    Meet Jen

    These were some great trends that we wanted to share with all of you, they can really get your wheels turning! What important trends have you noticed recently?!

    Keeping an eye on the changes in the life insurance industry is critical to our success and presenting innovative solutions to our clients!

    What steps have you taken in your business or career to match the changes in the industry? Have you experienced the effects of mobile and wearable technology? What measures have you taken to account for environmental changes in your business? 

    Get in touch with us to see what solutions we have for you to solve your Underwriting challenges and issues.

    LOGIQ3_free_consult

    Topics: Underwriting, E-Learning / Training

    How Much Does It Cost to Outsource Reinsurance Administration?

    Posted by Brian Wilkinson

    Dec 3, 2014 9:30:00 AM

    For any buyer in today’s economy, before you make a purchase, you're likely going to ask "how much does it cost?" This of course, is no different in the Life Insurance Industry or in our Reinsurance Administration line of business. When a company is considering outsourcing any of their ceded or assumed reinsurance functions, one of the first questions asked is, well, “How much is it going to cost?”  

    The answer to that question isn’t always as easy as it seems on the surface. We consider a number of factors when pricing an outsourced reinsurance administration solution

    Reinsurance Administration_resized

    1) The number of legal entities in play and the number of reinsurers and/or retrocessionaires often speak to the complexity of the underlying reinsurance arrangements. Arrangements which have internal reinsurance components, or involve multiple layers of reinsurance, can contribute to more complex data flows and accounting.

    2) The number of projected treaties and cession rates factor into determining system resource requirements and resource costs.

    3) Reinsurance treaty structure and complexity can contribute to other questions/considerations such as...

    • Is a treaty open to new business?
    • Is reinsurance on a quota share or YRT basis?
    • Is reinsurance transacted on a bulk or individual basis?
    • Is there M&A history? 

    4) Customized reporting requirements over and above what is “standard” in the industry can sometimes influence cost.

    5) Perhaps the most important driver of cost, however, is the number of system interfaces required, and the quality of data available for reinsurance processes. Data quality is the most important factor in both initial migration/conversion costs, as well as on-going maintenance costs. Though data quality costs are not always apparent, they are important to consider.

    "Sometimes the costs that seem most obvious
    aren't always the main drivers of price"

    A challenge we often encounter during the pricing process is that prospective clients may not consider some of the indirect costs associated with running their business. In addition to the factors discussed above, IT, legal, insurance and HR costs become equal considerations. Perhaps most importantly, however, as a professional outsourced reinsurance administrator, is the severity of adequately addressing data security and compliance measures such as: 

    • An annual audit report of our operations (SSAE16 Certification) 
    • Data privacy and security
    • Project Management services 
    • Migration process(es)  

    Project Management is an often overlooked component to outsourced services. The success or failure of an outsourcing relationship often hinges on an organizations ability to adequately plan and execute on projects with the necessary level of communication to all stakeholders.


    So the simple answer to “What will it cost me?” is, “It depends!” 


    Pricing an outsourced reinsurance administration solution is a complex exercise, with a number of factors – some are obvious, others less-so. At LOGiQ3, we have developed a structured set of criteria to derive a competitive pricing schedule to ensure alignment with our clients’ goals and objectives.

    To learn more about how LOGiQ3 can help with YOUR reinsurance administration outsourcing needs, start by booking a free consultation with me. You can reach out to me directly, or follow the link below!

    Happy to connect! 

    Brian_free_consult_resize

    Topics: Outsourcing

    LOGiQ3's December Holiday Campaign

    Posted by Nick Joly

    Dec 1, 2014 11:42:00 AM

    As many of you already know, last month we kicked off our Annual Holiday Campaign in spirit of Movember, which was a great success thanks to the efforts of our in house moustache growers, our friends, clients and those who kindly submitted a testimonial to us!

    The campaign as a whole resulted in the raising of 
    over $1500.00!!

    In light of this great success and the holiday seasons, we'd like to keep the momentum going to continue inspiring positive change! This will be our second year acting as sponsor and donor with a local Torontonian charitable foundation, The Dixon Hall Organization. For the entire month of December we will be continuing to donate on behalf of those who simply submit a testimonial to us!

    testimonial_holidaysresized

    As we continue to grow, we continue to strive for excellence, both in the service we provide and the customer experience we deliver! See what others are saying here!

    What has YOUR experience with us been like?! 

    imgNicksmallicon
    Nick Joly is Sales & Marketing Coordinator at LOGiQ3
    Connect with Nick

    I invite you to visit our Testimonial Submission page to help us share your story and your LOGiQ3 experience. Your testimonial can simply answer the question: Why would you recommend LOGiQ3?

    For more information on the the Dixon Hall Charitable Organization, you can visit their website and to help make a difference in the lives of those in need this holiday season, you can start by sharing your experience!

    YOU SUBMIT a testimonial and WE WILL DONATE!

     

    A Quick Guide to the Canadian Life Insurance Distribution Model

    Posted by Nick Joly

    Nov 26, 2014 10:33:00 AM

    As you may know, the Canadian Life Insurance Industry can be complex and can have many, many layers! I know that when I first started working at LOGiQ3, I didn’t have a clue as to what went on in life insurance past the point of filling out an application with my advisor. The financial services industry alone can cover anything from banks to insurance companies to reinsurance administration to life advisors… you name it!

    After a few months on the job and some behind-the-scenes work on APEXA, an industry-led compliance solution for Canadian Life Insurance advisors, MGAs and carriers, what I found was that there was a lack of thorough yet simple to understand information on the more complex layers that make up the Canadian life insurance industry, such as,

    • Distribution Channels (Advisors, MGAs, AGA, Captive Agents),
    • Brokers, Sub-Brokers,
    • Carrier/Insurance Suppliers,
    • Reinsurance,
    • Retrocessionairs, and so on! 

    Earlier this year, PricewaterhouseCoopers published a great study (2014 Sound Advice) outlining the different players in the Canadian life insurance industry, with one section focused primarily on the distribution model… and from that, in an effort to remove some layers of complexity, I’ve whipped up a great INFOGRAPHIC on the industry, specifically at the Distribution Level -  Advisor, MGA and AGA. 

    Tweet: Hey! Check out this awesome #INFOGRAPHIC from @logiq3 http://ctt.ec/28Acb+
    Tweet & share this INFOGRAPHIC with your friends!

    MGAvsAGA_final_infograph_resize

    Tweet & share this INFOGRAPHIC with your friends! 
    Tweet: Hey! Check out this awesome #INFOGRAPHIC from @logiq3 http://ctt.ec/28Acb+
    imgNicksmallicon
    Nick Joly is Sales & Marketing Coordinator at LOGiQ3
    Connect with Nick

    This fun and quirky infographic is my gift to you. I hope it provides you with some clarity on the life insurance distribution model.  

    APEXA is a Canadian life insurance advisor screening, contracting and compliance service that will remove several layers of complexity in doing business with a life advisor as well as provide higher levels of standardization and conformity. 

    To learn more about APEXA and our accompanying services, I invite you to continue browsing our site and to contact us directly if you have any questions!

    For more great content, insight and innovation behind LOGiQ3’s projects, simply subscribe to our blog!

    Topics: Insurance Distribution, APEXA

    Internal vs External Underwriting Auditing: Do They Both Have their Place in Today's Successful Life Insurance Market?

    Posted by Jennifer Miller

    Nov 24, 2014 9:52:55 AM

    The short answer: YES. A healthy combination of regular internal underwriting audits in addition to strategic external third party audits will spell S-U-C-C-E-S-S in today’s competitive underwriting shop. 

    It is important to perform regular internal audits for life underwriters in order to not only provide regular useful feedback, but also for all the other reasons (as cited by AHOU’s April 2013 article including 113 insurance company respondents from the U.S and Canada) listed here...  

    Internal_vs_EXTERNAL_img400x400
    • Identifying areas for improvement
    • Underwriter performance evaluation
    • Measuring consistency
    • Evaluation of practices and controls
    • Sharing organizational metrics
    • Providing input for product pricing

     

     

    While there are benefits to auditing underwriters internally, such as:

    • Internal resourcing results in no additional IT, security or access set-ups
    • Familiarity with systems, policies, procedures, guidelines & underwriting philosophies

    However, there are also challenges:

    • Internal resources are so familiar with systems, policies, procedures, guidelines and philosophies, that it may be difficult to see any shortcomings, errors, lack of competitiveness, or different ways of doing things
    • Internal auditors also have relationships with underwriters, possibility of subjectivity of results
    • May have limited or no other company experience, therefore a lack of understanding of the competition and where improvements could be made and an overall industry standard comparison is likely not to be made (lack of benchmarking)
    • Internal audits can get pushed aside due to resourcing issues particularly during high volume production periods
    • Often guidelines audited against are limited and unilateral
    • Due to resource and time constraints, results are not scored, trended, acted upon, communicated to all necessary parties, etc.
    • A follow up on reported findings at appropriate intervals may not be consistent
    • Internal auditing is not independent which raises the questions of objectivity and impartiality
    • External reinsurance audits as an adjunct are not entirely independent

    At LOGiQ3, we believe a healthy balance of internal audits, reinsurer audits and third party external audits provide benefits such as underwriting risk management, consistency, controls, best practices, metrics and an objective view. To an underwriter, the value of audits is for higher performance and career development..

    Jennifer_Miller
    Jennifer Miller is Senior Underwriting Specialist at LOGiQ3
    Connect with Jennifer

    What are your thoughts on this? Is it enough to only perform internal audits and regular reinsurer audits? Or would third party underwriting audits bring new light to your business? Is there an ideal combination?

    Feel free to post your comments below, and keep your eyes peeled for PART TWO coming soon!

    For more info on underwriting audit and how to schedule a free consultation with LOGiQ3, simply click the button below. And for more insight on this topic you should check out my last post: Underwriting: To Audit or Not to Audit...

     

    Topics: Underwriting, Audit

    Underwriting: To Audit or Not To Audit...

    Posted by Jennifer Miller

    Nov 14, 2014 9:30:00 AM

    ... that IS the question! There is a fine balance when auditing and underwriting blend together. It is so important to audit an appropriate and representative number of cases for underwriters in any sized company, to ensure appropriate risk assessment, communication, documentation, consistency and correct applications of underwriting guidelines and manuals are achieved. 

    HOWEVER, important to note, being an underwriter myself, we can become pretty antsy! As a general unspoken truth, folks who underwrite naturally tend to come equipped with type A personalities, and as such are generally very astute conscientious worker bees who take their work seriously and ultimately in almost every case, do their best with what they’re given to make the best decision they can. When we know our work is being scrutinized closely in the form of an internal or external underwriting audit. We are, after all, only human, and human error is a part of that, naturally.

    It is how those mistakes are communicated and handled, and their results that can take an antsy type A underwriter from audit aversion to willing and open to feedback and change. 

    audit_visual

    Not that underwriters don’t have scrutiny in their everyday work, audits aside. Firstly, they already scrutinize their own work fairly harshly (likely due to common type A personalities). Additionally, they are faced with scrutiny from a co-signer or medical director on a referred case. Or perhaps a co-worker who may have a need to pick up a case, a leader who may receive an escalation. Lastly, no less the field advisor and client who expect the “Moses walking on water” super deluxe ultra-preferred best rating known to mankind on each and every file! 

    The tough part to a great underwriting decision is a healthy balance between common sense and out of the box thinking, while staying within a prescribed framework of underwriting philosophy, policy & procedure guidelines, product limitations, etc... all the while keeping customers’ (both internal and external) expectations in mind (not forgetting that all of these things vary from company to company and sometimes even from value proposition to value proposition). 

    A long-standing underwriting joke (yes, we can be funny) goes something like this…."Present a scenario to 6 different underwriters, and get 6 different answers."

    What does the auditor do with those 6 different answers?

    Are some of them wrong? Are some of them right? Are they a bit of each? Are some better than others? 

    It all depends on the purpose of your underwriting audit and how those results are presented, communicated and utilized. 

    In an April 2013 study done for AHOU covering 113 responding companies in the U.S. and Canada, reasons for auditing were cited as:

    • Determining training needs
    • Identifying areas for improvement
    • Underwriter performance evaluation
    • Measuring consistency
    • Evaluation of practices and controls
    • Sharing organizational metrics
    • Providing input for product pricing

    From an overall standpoint, companies are looking for underwriters who are consistent, able to work within the company’s framework of guidelines for risk assessment, provide superior service (both in turn-around time and communications) but also those that can think outside the box and come up with creative solutions. That’s a pretty tall order! Especially considering the expectations of handling a minimum of 20 cases per day (I’ve seen some companies demand 30 or more), keeping overall turn around time at 24-72 hours. 

    The qualifications of the auditor themselves also comes into play. An auditor should have sufficient education and experience in the field to be able to review the cases handled by the type A underwriters in a manner where common sense and acceptance of out of the box and creative decision making are allowable, or better yet, commendable.

    This begets another question to be addressed in a subsequent blog…internal or external resources for auditing…

    Jennifer_Miller
    Jennifer Miller is Senior Underwriting Specialist at LOGiQ3
    Meet Jennifer

    The bottom line would be that even though auditing makes the type A underwriters antsy, the communication and use of the results of those audits are the most important pieces. The scales will tip negatively if an underwriter suddenly becomes conservative (or even risk averse) due to the communication and content of a prior audit (an overzealous auditor or audit program can curtail any risk tolerances) or to cater their underwriting to possible audit expectations, rather than make that first best decision. Conversely, an audit or auditor without enough criteria or rigour can allow for mistakes to go unchecked and repeat themselves on future cases.

    Clearly communicating the purposes of the audit and audit criteria, and following through with usage of audit findings and observations as initially stated will put to rest, any of that type A underwriter antsy-ness, thus enabling your underwriting shop to be more accepting of training, feedback and possible procedural and guideline changes that come about as a result of the audit. 

    Further, commenting on and leveraging the positive audit findings on both an individual, team and/or departmental level can increase confidence in decision making. Perfect for a healthy balance! 

    What are some of your thoughts in regards to underwriting auditing? Please share them by commenting below! 

    If you would like to find out more on our underwriting and audit value offerings, you can schedule a free consultation with us right here! 

     

     

    Topics: Underwriting, Audit

    The [Movember] Testimonial that Keeps on Giving

    Posted by Nick Joly

    Nov 13, 2014 10:07:00 AM

    What started out as a humble movement in Australia in 2003...

    To help raise awareness for men's prostate cancer, testicular cancer and mental health issues is now over ten years old and has now grown to 800 programs in 21 countries. This is an amazing movement and one that we are always eager to get on board with. 

    As we're a growing company, our furry-lipped moustache growers may be small in size but that doesn't mean our efforts have to be. As part of this effort in helping fight men's cancers, LOGiQ3 has launched its annual holiday giving campign early this year! 

    For every testimonial submitted in the month of November,
    LOGiQ3 will be donating $10 toward our Movember Campaign! 

    1 Testimonial = $10.00 CAD

    Movember_Banner

    Today is November 13th, 2014. That leaves us with 17 more days until month's end to raise as much as we can for this amazing cause. 

    What's great about our Holiday Giving Campaign is exactly that, it is a giving campaign. YOU submit a testimonial and WE GIVE a donation. Our clients, friends and family are all more than welcome to join in the giving and we invite you to check our progress on our Movember Mo Space.

    imgNicksmallicon
    Nick Joly is Sales & Marketing Coordinator at LOGiQ3
    Connect with Nick

     

    That being said, our efforts in raising awareness, raising funds and growing our moustaches are all made possible with your help. Visit our Testimonial Page and let us know what your experience with us has been like and just hit submit. Every submission counts for $10 toward our Movember Campaign. Help make a difference by submitting your testimonial here!

    Thanks for all your feedback and support.

    Happy Movember!

     

    Each testimonial will be reviewed for its legitimacy prior to publishing. 

    Topics: LOGiQ3

    What Does LOGiQ3 ACTUALLY Do?

    Posted by Nick Joly

    Oct 22, 2014 1:06:00 PM

    Hey again! It’s been a while since my last blog post, and that’s because I’ve been putting together a series of pieces on just exactly what goes on around our office. Since my onboarding with LOGiQ3 this summer, I can’t tell you just how many times I’ve gotten the question: “So what does LOGiQ3 actually do?”, to which my response is: “We’re a consulting and outsourcing company for the Life Insurance and Reinsurance Industries” …. Which is normally followed by one (or both) of the following: 

    “But what does that even mean?”

    “What is reinsurance?”

    If the first thing that came to your mind is one of the questions mentioned above, then this series of pieces is for you. 

     LOGiQ3_Services

    LOGiQ3’s business operations can be infinitely divided and subdivided, so for the sake of keeping things simple, I’ve segmented them into three main categories, however, there are also other key services we provide which I'll have to dedicate another post to! Let start off with these: 

    Underwriting

    Reinsurance Administration

    Audit


    Underwriting 101:

    When I first came on board, I had only JUST learned what underwriting was. To break it down for you here, think of underwriters are as people who determine, evaluate and analyze our applications for life insurance. Simple enough right? WE, the applicants, are looking to buy life insurance, so we fill out an application from an insurance company (this is not the only option PS – but it is the most common). THEY, the underwriters, are the ones who will analyze our application and physically write the policy based on the information we provided, i.e., age, gender, smoker/non-smoker, and determine our risk classification (just how risky are we?). 

    What’s more?! Not only do we have our own team of fabulous underwriters, but we offer training for newly hired underwriters at other companies or individuals looking to start their career in underwriting. We’ve even recently started offering our e-learning courses for purchase directly online on our New E-Store! 


    Reinsurance Administration 101:

    Keep your eyes peeled for a good post I’ll be publishing next week on “A Day in the Life of a Reinsurance Analyst!”… But for now, let me extract some key highlights from a popular blog post of ours: A Career in Life Reinsurance – So this is Where I Belong that may help answer the question “What is Reinsurance?”

    • Simply put, reinsurance is insurance for insurance companies.
    • When an insurance company issues a policy, they don’t always take all the full risk amount (i.e. the full amount of insurance being issued). This is where reinsurance companies come in. A reinsurance company will take a percentage of that policy and share the risk with the insurance company. 
    • Reinsurance is a great way to learn about the insurance industry as a whole. Reinsurance companies perform the same and often times more complex tasks than any other insurance company might perform. The main difference is that in reinsurance you deal with the insurance company, not the policyholder. 

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    Nick Joly is Sales & Marketing Coordinator at LOGiQ3
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    Audit 101:

    Au•dit (ˈôdət/) - Noun: an official inspection of an individual's or organization's accounts, typically by an independent body. Great, but who/what/where/when and why do we audit? 

    Who? Any insurance industry company that wishes to have their operations/processes audited

    What? Operations administration audit, insurance claims audit and underwriting audits

    Where? On-site! Our great team of auditors will travel on-site to the offices

    When? All year round! We do like to take our national holidays to enjoy with our friends and family though (naturally)

    Why? Because if we aren’t auditing, how do we know we’re making progress / doing things correctly? 

    For a very ROBUST whitepaper on our operations auditing services and study findings, I strongly urge you download it HERE… best of all, it’s completely FREE. Who doesn’t like free stuff? 

    I hope this post was useful to you, stay tuned for a part deux! Feel free to share it with friends if you think they might find it useful too! Or comment below to let us know what you think! 

    Topics: Underwriting, Reinsurance, Outsourcing, Audit, Industry News

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