Underwriting is an important function in Insurance Companies and Banks. They have to maintain an underwriting department with well trained staff to manage the function. It involves understanding the customer’s expectation with respect to insurance, checking the credibility of the customer through various mediums. Cross verifying various documents including the Bank Statements.
The underwriter should be able to distinguish different scenarios before taking a decision to cover the customer under insurance. It involves handling direct customers, brokers and affiliates. The Job needs to be performed meticulously by checking required documents, search information through internet and reference checks. We have been trained by industry experts to perform these tasks.
By outsourcing these processes to us, your critical staff can now focus on value added functions that directly fuel business growth while we take care of your back-office support capably.
iMarque Solutions provide pre-underwriting services for leading financial services companies.
iMarque Solutions specialist team would update the borrower details, bank details and credit score information, prepare your document folder for your Underwriter to underwrite a loan in minutes. Once iMarque receives the collaterals, the team starts working in putting all the data in order in your Underwriting Software within no time. iMarque Solutions carry out pre-underwriting process with professional expediency and precision while reducing your costs.
TAT is the time taken from the time we receive the file with mandatory documents to the time when the Pre-Underwriting work is completed & delivered. Almost 98% of the orders are completed during the same business day. Day end orders are delivered before start of next business day.
iMarque Solutions Underwriting Process Steps:
⦁ Client would notify iMarque via email that order/deal has arrived
⦁ Clients would share an Internet work flow tool with iMarque to carry out Pre-Underwriting process.
⦁ Client provides all mandatory documents (bank statements, tax returns & loan application) to iMarque on the work flow tool.
⦁ iMarque team verify the business information & owner information by pulling SOS report & Experian business report.
⦁ Using the work flow tool iMarque inputs bank details like Opening/Closing balance, Deposits, Withdrawals, Negative days, OD fees, Daily balances etc. and Sales details from Tax return.
⦁ As a next step iMarque pulls OFAC and Experian credit report and input all the details including Liens, UCC filings, Judgments, Bankruptcy, FICO score etc.
⦁ iMarque follow up with the client for any missing documents and take it to closure.