Listen to the interview on the Business Innovators Radio Network: Interview with Lee Morris, Vice President of Underwriting of Life & Annuity Brokerage with Gallagher, Inc.

Lee Morris, Vice President of Underwriting of Life and Annuity Brokerage at Gallagher Incorporated. Lee shares her unique journey into the underwriting field, revealing that few aspire to become underwriters. She began her career at State Farm as a life underwriting management trainee, where she had the opportunity to choose between service and the technical aspects of underwriting. With 34 years of experience, including 17 years at a carrier with significant signing authority, Lee transitioned to the sales side, providing valuable insights into the underwriting process. She discusses her trademarked underwriting training program and her certification in EKG interpretation, highlighting the depth of her expertise in the industry.

The underwriting process in life insurance is often viewed as a rigid and formulaic procedure. However, as discussed in the podcast episode featuring Lee Morris, Vice President of Underwriting at Gallagher Incorporated, it is inherently subjective. This subjectivity stems from various factors, primarily the individual experiences and perspectives of underwriters, which can significantly influence case assessments.

1. Individual Perspectives: Each underwriter brings their unique experiences to the table. For instance, Lee shared a personal anecdote about her son and ex-husband, both of whom were severe asthmatics. This personal experience shaped her understanding of asthma-related risks differently than what might be indicated in underwriting manuals. Such insights can lead to more favorable assessments for applicants who might otherwise be categorized as high risk based solely on clinical data.
2. Variability in Assessments: Lee highlighted that even when multiple underwriters review the same case, they may arrive at different conclusions. Lee noted that in underwriting meetings, it was common for ten underwriters to have eight different perceptions of a single risk. This variability underscores the fact that underwriting is not merely a mechanical process; it involves human judgment and interpretation.
3. Influence of Guidelines: While established guidelines and reinsurance manuals are utilized by most carriers, the interpretation of these guidelines can vary widely among underwriters. Lee pointed out that although carriers may market themselves as having specific advantages for certain medical conditions, many use the same foundational manuals. The subjective nature of underwriting means that one underwriter might view a risk as manageable, while another might see it as too risky, leading to different outcomes for applicants.
4. Emotional Factors: Underwriters are human and, like anyone else, they can have good and bad days. Lee emphasized that an underwriter’s mood or emotional state can influence their decision-making process. This human element adds another layer of complexity to the underwriting process, potentially leading to inconsistencies in how cases are evaluated.

Gallagher’s underwriting team aims to navigate this subjectivity by providing a comprehensive understanding of the underwriting process. They focus on:

• Technical Expertise: By leveraging their deep knowledge of medical information and underwriting processes, Gallagher’s team can better advocate for clients and advisors. This expertise allows them to present cases in a way that highlights the nuances and complexities that might otherwise be overlooked.
• Managing Expectations: Lee emphasized the importance of setting realistic expectations for agents and clients. By explaining the subjective nature of underwriting and the factors that influence assessments, Gallagher helps clients understand potential outcomes and prepares them for the underwriting journey.
• Advocacy and Partnership: Gallagher positions itself as an extension of the agent’s office, advocating for the client while also protecting the carrier’s interests. This partnership approach fosters a collaborative environment where the goal is to find solutions rather than simply deny cases.

Lee said: “Underwriting subjectivity can create waves for your applicant’s life insurance application, so make sure you have the expertise of Gallagher Underwriting to help navigate you to ‘smooth sailing.”

In conclusion, the underwriting process in life insurance is far from a straightforward, one-size-fits-all procedure. The subjectivity inherent in the process, influenced by individual underwriters’ experiences, perspectives, and emotional states, plays a crucial role in case assessments. Gallagher’s approach to underwriting seeks to navigate these complexities by combining technical expertise with a human touch, ultimately aiming to create win-win scenarios for all parties involved.

Video Link: https://www.youtube.com/embed/e6xkXBH7nNs

About Lee Morris

Lee Morris is Vice President of Underwriting, Life & Annuity Brokerage who rejoined the Gallagher Life & Executive Benefits consulting team in January of 2023.

Lee Morris has been in the insurance industry specializing in technical underwriting risk management for over 33 years. She is known for her astute ability to merge the technical attributes of underwriting with the art of modern-day medical advancements and interpretation while protecting the interests of all stakeholders. Lee’s strong experience with the top one percent of the wealth management firms and the ultra-affluent market demonstrates her ability to address the needs of clients requiring an enhanced “boutique” encounter.

Certified in EKG interpretation and a dynamic presenter, Lee’s past experience of 17 years at the carrier include being Assistant Chief leading one of the top premium distributions in the high-net-worth arena. She is one of very few in the brokerage market who achieved a prior insurance carrier underwriting single signature authority of $20M dollars.

Lee holds a Cum Laude Bachelor of Science Degree in Accounting from Grambling St. University, Grambling, LA. She enjoys her free time volunteering with the K-12 school she is the co-founder of, hunting, shopping and is the mother to one son, Evan who is a Senior Pre-Med student at Morehouse College in Atlanta, Ga.

Learn more: http://www.ajg.com/

Take advantage of the Gallagher Underwriting expertise platform that can move your life insurance consideration from a “success story” to reciprocal “successful solutions” Financial Professionals should ensure they continue to follow the current policies and procedures of their broker dealer and/or registered investment adviser and the insurance carriers they represent on the use of any advertising, third-party materials, sales processes and/or social media/internet use. This marketing presentation in no way supersedes the requirements of a financial professional’s license requirements or the policies and procedures of your broker dealer or registered investment advisory firm. This content is for informational and educational purposes, and is not designed, or intended, to be applicable to any person’s individual circumstances. It should not be considered as investment advice, nor does it constitute a recommendation that anyone engages in (or refrains from) a particular course of action.

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