What is a Forensic Insurance Analyst?
Sometimes, when asked what it is that we do, I describe us as “Forensic Insurance Analysts“. Well, what does that mean? Forensics is defined as:
The accepted scholarly or scientific methodology and norms under which the facts regarding an event are ascertained. Related to the notion of authentication, where by an interest outside of a legal form exists in determining whether an object is what it purports to be, or is alleged as being.
Thank you wikipedia.
When an insurance policy is sold, it is purported(alleged) to meet a need of the owner. It is our job to authenticate whether the insurance policy will meet those needs. Regardless of whether we are hired at the point of sale, 10 years down the road, or when the owner receives the dreaded lapse notice – we will apply our analysis to determine the policy’s viability. If you haven’t yet, read this for some insight into the coming wave of life insurance policy crashes
Ideally, we are there to periodically use our forensic know-how before it is too late. As a fee based service, it is our job to consult – not sell. We are here to recommend the correct course of action based off facts and not simply recommend the alleged latest and greatest product that is available on the market.
In order to help a client achieve their goals for this valuable asset, we assess the critical areas that will affect the ability of this asset to meet the expectations of the client and their advisor. I’ll get into these in detail later.
But for now position us in your mind as any of the following:
- Forensic Insurance Analysts
- Insurance CSI
- a BS Meter (a very technical term, if you don’t know, ask)
- Life Insurance Policy Management Experts
-Jamison Hibbard
