What does telephonic underwriting involve?

Telephonic underwriting primarily involves assessing risk over the phone with the applicant. This method allows underwriters to engage directly with potential clients to gather detailed information necessary for evaluating the risk associated with insuring them. By conducting the assessment via phone, underwriters can ask follow-up questions, clarify applicant responses, and gain a better understanding of the individual's situation and coverage needs.

This approach is efficient as it allows for real-time communication, which can lead to a quicker underwriting process compared to methods such as reviewing online applications or emails. It also provides an opportunity for underwriters to observe verbal cues that might not be present in written submissions, further enhancing their ability to assess risk accurately.