We execute and manage reinsurance, our clients plan and set policy.

Management oversight and field support of lenders is essential for the profitability of a credit insurance company. There are three areas where this is key and Earl R. Whaley & Company excels in these areas.
Sales production is the first step in profitability. The proper training of consumer loan officers is essential. The loan officer must qualify the customer for credit insurance, as he/she would for the loan, with basic questions concerning the borrower’s employment and income sources. Additionally, loan officers are encouraged to contact their field representative with specific situations, as they happen, to avoid problems.
The claims personnel are trained and experienced to review carefully claims with the standard of responding the same day of the claim. This prompt, thorough administration of claims corrects and avoids problems. Management reports with recaps and claims logs by location allow bank management to be aware of claim payments at all times.
Even though mortality claims can be predicted accurately over a long period of time, in the short run profitability of a credit life insurance company can be adversely affected due to large, single losses that occur unpredictably from time to time. To minimize this risk, coverage on any one insured debtor or certificate should be limited to an amount where claim frequency will not affect profits greatly while retaining enough premium volume to offset these losses.
When the risk retention is maximized, the problem of finding other carriers willing to reinsure the excess risk business arises. Earl R. Whaley & Company, as an independent insurance broker with long term relationship with many carriers, can offer a program where on one certificate with very little underwriting, a reinsurer can offer a larger amount of coverage to a debtor than is usually available.

Get in touch with us at Earl R. Whaley & Company.

Telephone: (888) 970-7500 - Facsimile: (865) 970-7644