Underwriting Brochure Mib Solutions, Inc.

Underwriting Risk Management Solutions

Meeting Risk with Confidence

The Solution for Today’s Risks New products. New markets. New distribution channels. Insurance companies today are exposed to more risk than ever, and from more directions than ever. With shareholders, regulators, boards of directors and reinsurers demanding greater accountability, it’s become critical for insurance companies to better manage underwriting risk—to analyze, quantify, prioritize and take action.

From MIB Solutions comes a suite of services that answers the needs of today’s insurers: Underwriting Risk Management Solutions. One of the most respected names in the insurance industry has developed a unique collection of risk management consulting engagements that enhance the effectiveness and productivity of an underwriting department.

Underwriting Risk Management Solutions relies on

Each service from MIB’s Underwriting Risk

three pillars to accomplish this goal: a distinguished

Management Solutions is fully customizable, with

history, sophisticated underwriting tools and a select

tailored engagements that give you the ability

group of industry experts. As part of the MIB Group,

to determine the scope of support you wish to

we have a rich heritage of working with virtually every

receive. A team of respected third-party experts in

leading life insurance company. We utilize North

the field conduct the evaluations and provide their

America’s largest database of medical information

knowledgeable, objective recommendations. Because

on insurance applicants and cutting-edge analytical

we utilize technology for efficient data collection and

tools like Audit Focus to provide companies with a

we bring extensive underwriting experience, the entire

clearer understanding of risk. And our newly created

process is streamlined and the disruption to business

MIB Underwriting Network is comprised of a leading

is minimal.

group of senior underwriters, each with decades of experience to provide their underwriting and

The insurance marketplace is becoming more

consulting expertise.

competitive every day. Let MIB Solutions make sure your underwriting risk management practices are as strong as they can be.

A Variety of Needs. An Array of Solutions. Audit Focus See and understand mortality risk in ways never before possible. Audit Focus is proven to provide a more complete and accurate picture of the actual mortality risk within your entire book of newly issued policies. You’re able to better see, quantify and manage risk so you can make adjustments earlier, like fine-tune underwriting guidelines or adjust pricing, to help improve company profits.

n Pre-engagement analysis of business issues and potential areas of opportunity n Checks every recently issued policy against the MIB medical impairment database n Uses our Mortality Risk Assessment Engine to evaluate and flag all high-risk policies – those that may have been issued in a rate class unsupported by the actual mortality risk n Reports results by your most important metrics: product type, age, face amount, risk class, underwriter and more; prioritizes high-risk cases for further review n Post-engagement analysis and interpretation of findings to address emerging underwriting and operational issues n Provides a consistent third-party assessment of the risk that you can monitor and trend over time

Underwriting Quality Control and Case Audits

Operational Performance Consulting

Gain an in-depth analysis of your exposure to risk as

The most thorough level of evaluation. We apply decades

we combine Audit Focus’s assessment of your entire book

of underwriting management expertise to analyze your

of new business with a complete case audit, including

operational workflow and underwriting practices. The result

a detailed analysis of select Audit Focus high-risk cases.

is improved productivity, confidence in your underwriting

n Transactional Quality Review: This focuses on overall

operations and minimized organizational risk.

organizational level underwriting to assess whether

n A review of the operational, product and underwriting

your underwriting practices and policies are meeting

guidelines library to assess if the underwriting policy and

your expectations.

procedure repository is adequate and accessible

n Individual Quality Review: This review is performed

n Reinsurance treaty review to determine if requirements

on cases for individual underwriters to aid in assessing

are being met and administration functions are being

performance, and to identify areas where training may be

performed efficiently

needed or where policies and procedures should be clarified. n Product/Market Quality Review: This review is focused on whether underwriting performance is meeting your expectations for a specific product or market segment.

n Evaluate the internal underwriting review program to assess how all relevant aspects of the underwriting and business processes are being monitored n Assess compliance-related procedures to ensure best practices n Review replacement processing workflows

MIB Underwriting Network As part of Underwriting Risk Management Solutions, MIB has created a unique network of underwriting experts to provide an unbiased risk assessment and a level of support to which insurance companies may not otherwise have access. Each member brings decades of industry experience, with sharpened skills from working in senior management positions at top insurers. They are selected as leaders within the insurance industry, each with years of experience providing expert consulting and underwriting services.

MIB Solutions MIB Solutions is built on a heritage of integrity, objectivity and expertise. We focus on distilling information into effective management tools that help the insurance industry manage risk. Our products, drawn from our unique knowledge and experience, provide an in-depth understanding of those risks. With processes and technologies in place to give us an industry-wide perspective, we are positioned to provide innovative solutions in a world where change is constant and risk—in all its forms—is ever-present.

RISK UNDERSTOOD

Audit Focus and Underwriting Risk Management Solutions are provided by MIB Solutions, Inc., an MIB Group, Inc. company.

50 Braintree Hill Park, Braintree, MA 02184-8734

781.751.6330 [email protected]

Audit Focus is provided exclusively to members of MIB Group, Inc. for assessing and managing their life underwriting risk and not to determine the eligibility of individuals for insurance or benefits. Audit Focus reports are only generated on recently issued policies for which applicants authorized the use of MIB, Inc.’s fraud detection service known as the “MIB Checking Service.”