Mib Inc Medical Information Bureau Fact Sheet
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Where the insurance industry shares its intelligence Issue with confidence
Our Mission
Protection from Fraud MIB, Inc. is the premiere provider of fraud detection information for individually underwritten life, disability income, long term care and critical illness insurance. MIB member companies rely on its Checking Service ™ for the fast, secure aggregation and exchange of data to combat fraud, improve underwriting effectiveness and increase product line profitability while ensuring fair pricing for all applicants.
Concerned with the undisclosed risk posed by fraudulent applicants, 15 Medical Direc tors organized in 1890 to ensure the livelihood of their businesses, the solvenc y of the insurance industr y, and the fair and equitable pricing of policies. That organization would become MIB. These MIB member companies quick ly realized that they already possessed the best resources for determining the accurac y of applicants’ health – their current and former applications. Agreeing to share and analyze this information afforded valuable insights into the true risks they were carr ying.
More than a centur y later this integral information exchange is still at work protec ting the life, health and disability income insurance industries.
Putting a powerful resource to work
Today, MIB provides nearly 500 U.S. and Canadian insurance companies access to information of underwriting significance in the form of medical and avocation codes. Its core fraud protection services protect insurers, policyholders and applicants from attempts to conceal or omit information material to the sound and equitable underwriting of life, health, disability income and long term care insurance. MIB facilitates this sharing of information among member companies through a proprietary, secure system for data exchange. This data acts as the vehicle to steer the underwriter’s investigation, providing the insurance industry with a more complete and accurate picture of an insurance applicant’s health situation. MIB provides underwriters the knowledge they need, when they need it.
Underwriting Services
Checking Service
Seeing applications in a whole new light
Often when drawing upon information obtained during an applicant’s previous policy applications for insurance, a different picture appears. Forgetfulness. Willful omission. Outright deception. MIB reports are renowned for exposing a lack of candor in applications early in the process. As a result, MIB member companies are equipped with one of the most potent weapons against undue risk exposure– a proficient instrument enabling them quickly and cost effectively to get them to the point where they can issue with confidence.
Insurance Activity Index
Even though you’d like to know all of your applicants’ application activity, you often have to take their word for it, unless you’re an MIB member benefiting from the Insurance Activity Index. If you suspect an applicant of loading up on insurance by taking out a series of smaller policies or churning insurance from year to year, you can track the number of times an MIB check was made on their applications during the two years prior to yours for your line of business.
Request for Details
Follow-Up Service
Casting a larger net
As the industry’s only source for post-policy issue information, the MIB Follow-up Service provides a crucial “second chance” to underwrite based on additional, discovered information during the contestable period. For two years following the original MIB inquiry, this Service alerts members to a policyholder’s medical conditions that were undisclosed at the time of the original application.
Identifying frequent shoppers
When you need to get granular
Not all risk assessments are cut and dry. When you need to verify and validate the contents of a coded report, MIB promotes the sharing of information with the member company that input a particular code.
Connectivity & Integration
Information Where and When You Need It Information is most valuable when it is an integral part of your core business processes. MIB offers a variety of connectivity options and productivity tools to give you access to our services when and where you need it. Whether you need to simply provide underwriters direct access to MIB Services or fully integrate our Services into your automated underwriting systems, MIB has a solution.
Connectivity Solutions Our WEB Enabled Business Solutions deliver rapid, Internetbased access to MIB services that meet even the most stringent security requirements.
• WEB-TERM (Browser-based access) - WEB-TERM
supports the entire range of MIB Services and offers a simple navigation interface, drop down menus and auto-fill fields for fast and accurate data entry. WEB-TERM is accessible through KnowledgeNow, our secure extranet.
• WEB-DIRECT (ACORD compliant, system-to-system
access) – WEB-DIRECT allows you to integrate MIB Services into your underwriting system. WEB-DIRECT combines standard HTTP Internet protocols with the ACORD TxLife Data Standard allowing you to build your MIB interface from virtually anywhere.
• MIB-LINK/Plus V3 (LAN system-to-system) –
MIB-LINK/Plus V3 also allows you to integrate MIB Services into your underwriting system but does not support the industry standard ACORD TxLife Data Standard. MLP/V3 uses proprietary data formats and requires the popular Windows Server operating system.
MIB offers a variety of connectivity solutions to address the myriad of platforms operating throughout the industry. We also work directly with new business and underwriting system software vendors to ensure their systems support the full range of MIB Services. Before you buy, ask your vendor about their MIB support.
Productivity Suite
Intuitive tools for maximizing the MIB Checking Service Our Productivity Suite is a collection of WEBbased and software based tools that make using the MIB Checking Service easier and more efficient. The suite features an electronic version of the MIB Coding Manual; point and click MIB Code translation for WEB-TERM; a WEB-based, standalone MIB Code translator; and a complete set of MIB Code Tables. MIB Code Tables let your technology team easily build MIB Code editing, translation and reporting processes into your underwriting system. No matter what type of MIB connectivity you use, the MIB Productivity Suite improves underwriting efficiency when decoding or reporting MIB Codes. Benefits include faster translation of MIB Codes, instant access to the MIB Coding Manual, improved coding selection and a faster learning curve for new underwriters.
Training and Support
What Member Companies Say About MIB
MIB provides training and support to member companies including:
“With MIB our rescission rate is less than one percent because we catch problem applications at the front end.”
•
Training for new member companies
•
Advanced training for existing members
•
Advice on MIB coding questions
•
Guidance on Rules and Bylaws interpretations
•
Toll free number for the MIB Help Desk
•
Connectivity and System integration support
Chief Underwriter, Health Insurance
“MIB always finds something that hasn’t been disclosed.” VP, Individual Medical Underwriting
“We save $58 for every dollar we spend on MIB.” Assistant VP, Underwriting
Consumer Services As a secure repository of the personal and private health information for millions of insurance applicants, MIB protects both consumers and the insurance industry. Our role as a trusted guardian extends to servicing consumers’ requests for reinvestigations and amendments.
Disclosure Through an easy to use, streamlined process, consumers may request their MIB records one time per year, free of charge.
“It is a ‘must-have’ to protect yourself against fraud.” Senior Underwriter
“I cannot do business without MIB – it is an irreplaceable source of anti-selection criteria.” VP, Life Underwriting
Issue with confidence A Member of the MIB Group
MIB, Inc. 160 University Avenue Westwood, MA 02090-2307 www.mib.com
Our Mission
Protection from Fraud MIB, Inc. is the premiere provider of fraud detection information for individually underwritten life, disability income, long term care and critical illness insurance. MIB member companies rely on its Checking Service ™ for the fast, secure aggregation and exchange of data to combat fraud, improve underwriting effectiveness and increase product line profitability while ensuring fair pricing for all applicants.
Concerned with the undisclosed risk posed by fraudulent applicants, 15 Medical Direc tors organized in 1890 to ensure the livelihood of their businesses, the solvenc y of the insurance industr y, and the fair and equitable pricing of policies. That organization would become MIB. These MIB member companies quick ly realized that they already possessed the best resources for determining the accurac y of applicants’ health – their current and former applications. Agreeing to share and analyze this information afforded valuable insights into the true risks they were carr ying.
More than a centur y later this integral information exchange is still at work protec ting the life, health and disability income insurance industries.
Putting a powerful resource to work
Today, MIB provides nearly 500 U.S. and Canadian insurance companies access to information of underwriting significance in the form of medical and avocation codes. Its core fraud protection services protect insurers, policyholders and applicants from attempts to conceal or omit information material to the sound and equitable underwriting of life, health, disability income and long term care insurance. MIB facilitates this sharing of information among member companies through a proprietary, secure system for data exchange. This data acts as the vehicle to steer the underwriter’s investigation, providing the insurance industry with a more complete and accurate picture of an insurance applicant’s health situation. MIB provides underwriters the knowledge they need, when they need it.
Underwriting Services
Checking Service
Seeing applications in a whole new light
Often when drawing upon information obtained during an applicant’s previous policy applications for insurance, a different picture appears. Forgetfulness. Willful omission. Outright deception. MIB reports are renowned for exposing a lack of candor in applications early in the process. As a result, MIB member companies are equipped with one of the most potent weapons against undue risk exposure– a proficient instrument enabling them quickly and cost effectively to get them to the point where they can issue with confidence.
Insurance Activity Index
Even though you’d like to know all of your applicants’ application activity, you often have to take their word for it, unless you’re an MIB member benefiting from the Insurance Activity Index. If you suspect an applicant of loading up on insurance by taking out a series of smaller policies or churning insurance from year to year, you can track the number of times an MIB check was made on their applications during the two years prior to yours for your line of business.
Request for Details
Follow-Up Service
Casting a larger net
As the industry’s only source for post-policy issue information, the MIB Follow-up Service provides a crucial “second chance” to underwrite based on additional, discovered information during the contestable period. For two years following the original MIB inquiry, this Service alerts members to a policyholder’s medical conditions that were undisclosed at the time of the original application.
Identifying frequent shoppers
When you need to get granular
Not all risk assessments are cut and dry. When you need to verify and validate the contents of a coded report, MIB promotes the sharing of information with the member company that input a particular code.
Connectivity & Integration
Information Where and When You Need It Information is most valuable when it is an integral part of your core business processes. MIB offers a variety of connectivity options and productivity tools to give you access to our services when and where you need it. Whether you need to simply provide underwriters direct access to MIB Services or fully integrate our Services into your automated underwriting systems, MIB has a solution.
Connectivity Solutions Our WEB Enabled Business Solutions deliver rapid, Internetbased access to MIB services that meet even the most stringent security requirements.
• WEB-TERM (Browser-based access) - WEB-TERM
supports the entire range of MIB Services and offers a simple navigation interface, drop down menus and auto-fill fields for fast and accurate data entry. WEB-TERM is accessible through KnowledgeNow, our secure extranet.
• WEB-DIRECT (ACORD compliant, system-to-system
access) – WEB-DIRECT allows you to integrate MIB Services into your underwriting system. WEB-DIRECT combines standard HTTP Internet protocols with the ACORD TxLife Data Standard allowing you to build your MIB interface from virtually anywhere.
• MIB-LINK/Plus V3 (LAN system-to-system) –
MIB-LINK/Plus V3 also allows you to integrate MIB Services into your underwriting system but does not support the industry standard ACORD TxLife Data Standard. MLP/V3 uses proprietary data formats and requires the popular Windows Server operating system.
MIB offers a variety of connectivity solutions to address the myriad of platforms operating throughout the industry. We also work directly with new business and underwriting system software vendors to ensure their systems support the full range of MIB Services. Before you buy, ask your vendor about their MIB support.
Productivity Suite
Intuitive tools for maximizing the MIB Checking Service Our Productivity Suite is a collection of WEBbased and software based tools that make using the MIB Checking Service easier and more efficient. The suite features an electronic version of the MIB Coding Manual; point and click MIB Code translation for WEB-TERM; a WEB-based, standalone MIB Code translator; and a complete set of MIB Code Tables. MIB Code Tables let your technology team easily build MIB Code editing, translation and reporting processes into your underwriting system. No matter what type of MIB connectivity you use, the MIB Productivity Suite improves underwriting efficiency when decoding or reporting MIB Codes. Benefits include faster translation of MIB Codes, instant access to the MIB Coding Manual, improved coding selection and a faster learning curve for new underwriters.
Training and Support
What Member Companies Say About MIB
MIB provides training and support to member companies including:
“With MIB our rescission rate is less than one percent because we catch problem applications at the front end.”
•
Training for new member companies
•
Advanced training for existing members
•
Advice on MIB coding questions
•
Guidance on Rules and Bylaws interpretations
•
Toll free number for the MIB Help Desk
•
Connectivity and System integration support
Chief Underwriter, Health Insurance
“MIB always finds something that hasn’t been disclosed.” VP, Individual Medical Underwriting
“We save $58 for every dollar we spend on MIB.” Assistant VP, Underwriting
Consumer Services As a secure repository of the personal and private health information for millions of insurance applicants, MIB protects both consumers and the insurance industry. Our role as a trusted guardian extends to servicing consumers’ requests for reinvestigations and amendments.
Disclosure Through an easy to use, streamlined process, consumers may request their MIB records one time per year, free of charge.
“It is a ‘must-have’ to protect yourself against fraud.” Senior Underwriter
“I cannot do business without MIB – it is an irreplaceable source of anti-selection criteria.” VP, Life Underwriting
Issue with confidence A Member of the MIB Group
MIB, Inc. 160 University Avenue Westwood, MA 02090-2307 www.mib.com
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