What happens if my client gets referred?

This week's feature answers the question of what happens when an applicant doesn't fit the underwriting criteria, and is not able to purchase coverage immediately through the Exchange.

Watch the explainer video below, or continue reading to find out why when this happens, we're still working to improve this process for next time.

What is a referral?

The Exchange aggregates digital insurance company products. We work with carriers to build these products, essentially drawing an eligibility profile of what the insurance company is willing to underwrite. That profile includes information like how much revenue the company generates, or how many employees it has.

When the application goes outside of those parameters, the applicant is not able to purchase an insurance policy on the Exchange, and you'll see this page:

But that isn't the end of the Exchange's job. After this, two things happen.

First, you get an email with all of the application answers included in the body.

Second, we are constantly analyzing referred applications like that one. We then take that information back to the insurer so we can expand the underwriting criteria for next time.

How we use referrals to make better products

Earlier this year, we were looking at the application data for the Individual Health and Fitness product on the Exchange, and saw that the referral rate was 15%. We checked which of the application points were causing the most referrals, then worked with the insurer to reword some questions and expand the underwriting criteria. This month, thanks to those changes, the referral rate on that product has gone down to 4%.

Again, this highlights the value of providing feedback. If you think a question isn't clear, or you could sell more of a product if the underwriting criteria was expanded, let us know so that we can make changes. That information is used to make the Exchange work better for you.

Not sure where to start? Reach out to my team via phone, email, or livechat and we would love to help!

Do you have a product you'd like to see on the Exchange? Let us know here.