Concierge Services

There is one process that none of us look forward to experiencing, whether it results from an application for a new mortgage, property insurance, health insurance, or life insurance.  The universal term for this process, across all industries, is underwriting. 

The term underwriting originated centuries ago in Great Britain, via the Lloyd’s of London insurance market.  Financial investment bankers could invest in a portion of the risk associated with a ship’s voyage, or other kind of venture worthy of investment.  It was a well known fact that most ships sailing from England faced the possibility of not returning.  The adventurous sailors aboard these ships, by virtue of the well known risks they were facing, could deposit money with an underwriter.  The money deposited with the underwriter was referred to as a premium.  The depositor or premium payer would then literally write their name on a Lloyd’s receipt slip, under the details describing the applicable risk.  This was known as “underwriting the risk”.  Upon their successful return, they would be rewarded with a payout of typically five times the original premium deposited. 

Underwriting in the 21st Century involves a lot more than just a proposed insured writing their name on a receipt below a description of the insured risk.  The life insurance underwriting process, as a result, can be tedious for an applicant and their financial advisor in today’s hectic world.  This is a common theme in the life insurance industry, unless the applicant and their financial advisor are benefiting from insurance concierge services, via a partnership with TailorMade Financial.