Paper chases are frustrating for agents and underwriters alike. Too often a policy must be re-issued due to misspelling of a name. More often applications are returned to the agent for what is "believed" to be a "wrong" vehicle identification or driver's license number.
In the interest of expediting the underwriting process and overall efficacy, agents must be cognizant of clearly recording information on applications. Underwriters need to appreciate the pressure an agent is under scrawling numerical and alphabetical symbols on mutipharious applications in expeditious manner so as to close the sale, collect the money, and leave the premises before the applicant figures out what he purchased.
It would be efficacious for ALL to immediately implement "THE FORMULA." I have used it for years. In fairness to underwriters a reference source previously did not exist. Therefore, I present this lexical, albeit abbreviated, Underwriter's Guide to "THE FORMULA" and advise it be kept close at hand for ready reference. Lunch hours and coffee breaks present excellent opportunity for study and review.
THE FORMULA:
The secret to understanding "THE FORMULA" is recognizing that many written symbols aren't to be taken literally. Rather, learn to exercise your imagination much the same way an agent does when he records it. Think of letters, or numbers, as interchangeable modules, or components. Then apply logic.
For example, "M's," "N's," and "R's" in my case. I also find "U's" and "V's" work well together as do "A's," "E's," and "O's." On occasion "T's" and "F's" may throw you but the remaining letters should pose few problems. Numbers are really quite basic. However, "4's," "7's," and "9's," are commonly interchangeable, so keep alert.
Recently an auto application was returned to me with what was believed to be an incorrect driver's license number. Had the underwriter utilized "THE FORMULA" she would have quickly recognized "3's," "5's" and "8's" are also interchangeable and could have immediately issued the policy. For the record, the application was correct. She mistook a "5" for an "8."
Had the underwriter simply re-entered a few interchangeable units she would have accessed someone's motor vehicle driving record, (MVR). Done correctly it will match the name on the application. If not, then move on to phase II and guess. If still unsuccessful then, and ONLY then, return the application to the agent so he may venture some guesses before contacting the applicant for clarification. If the applicant perceives the agent's inquiry as bothersome, having already provided the information earlier, then his attitude is a tip off to a RED FLAG. We would do well to consider declining the application.
Be patient in learning "THE FORMULA" for like anything else, rep, rep, repetition is key to mastery. Stay with it and you will find mastering "THE FORMULA" will provide its own riches and rewards beyond personal satisfaction of guessing correctly on applications. Gauge your progress by the number of issued policies on first and second attempts as well as hitting more lottery numbers.
In closing, it would be prudent to alert you to a possible glitch. While embryonic at this point, it seems a hybrid to "THE FORMULA" has developed. It appears a few letters and numbers are also interchangeable. Most notable "2"s and "Z's;" "8's" and "F's;" and "6's" and "G's" to name a few. There are others, but not worth addressing yet. I'll keep you abreast of changes.
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