MIB Carriers Can Use Tool to Help Control Costs of Ordering Motor Vehicle Reports (MVRs)
BRAINTREE, Mass., and JERSEY CITY, N.J., Nov. 5, 2019 /PRNewswire/ — MIB, the life insurance industry’s most trusted and secure resource for the exchange of life insurance underwriting information, today announced an agreement with Verisk (Nasdaq: VRSK), a leading data analytics provider, to make Verisk’s MVR Indicator available to MIB’s 400 life insurance members at special pricing.
The MVR Indicator1 identifies which applicants have driving violations, helping insurers prioritize their ordering of motor vehicle reports. By providing this driving history information through its platform, MIB is arming the life industry with critical tools that can help accelerate underwriting, improve the customer experience, and drive successful growth.
Protecting Financial Integrity
“The MVR Indicator is an important step toward reducing underwriting expenses, eliminating ’empty’ MVR reports that do nothing but add needless expense,” said Lee Oliphant, MIB President and CEO. “MIB has long been known for protecting the financial integrity of our members. This Verisk service aligns with our mission, enabling our members to put the cost savings directly to their bottom line.”
“Driving history can be an important indicator of mortality risk, but its value comes with a significant impact on insurers’ underwriting expenses,” said Maroun Mourad, President of Commercial Lines at ISO, a Verisk business. “Verisk’s partnership with MIB will streamline the life market’s access to this crucial information while helping keep costs in check.”
MVR Indicator is the third in a series of ancillary services MIB has added to its underwriting services portfolio this past year, helping member life insurers improve fraud detection and reduce costs in their underwriting workflow.
1 The MVR Indicator is provided through MIB, Inc. to MIB member insurers by the Insurance Information Exchange unit (iiX) of ISO Claims Services, Inc., a Verisk business.
MIB is the life and health insurance industry’s most trusted and secure resource for data-driven risk management services that protect the financial integrity of its members and address their evolving needs. Owned by its members, MIB is uniquely positioned to securely collect and analyze confidential data. MIB services help to detect fraud, errors, and omissions on insurance applications; to analyze industry data needed to manage a variety of financial risks; and to make regulatory reporting compliance less onerous and more efficient. MIB Group, Inc., a membership corporation, provides services through its wholly owned operating subsidiaries, MIB, Inc., and MIB Solutions, Inc. For more information, visit www.mibgroup.com.
Verisk (Nasdaq: VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500® Index. In 2018, Forbes magazine named Verisk to its World’s Best Employers list. For more information, please visit www.verisk.com.