Partner to help insurers with early identification of potential jumbo limit issues
BRAINTREE, Mass. and ORLAND PARK, Ill., May 14, 2019 /PRNewswire/ — MIB Group, Inc. (MIB), the life and health insurance industry’s most trusted and secure resource for data-driven risk management services, is conducting a joint exploration with Tindall Associates, Inc. (TAI) the premier reinsurance administration software in use in the U.S., to produce solutions to address major challenges in the life insurance industry.
Currently, MIB and TAI are developing data solutions to address several long-standing industry problems. Combining data from MIB and TAI, with approval from participating insurance carriers, will provide answers to questions that have been previously hard to answer, including:
- Identifying whether a new policy would push an applicant over jumbo limits
- Determining if a new policy would grossly over-insure an individual
- Providing useful insights through the coordination of claims information
“TAI’s strong track record in reinsurance and software made this an obvious partnership for MIB,” said Lee Oliphant, President and Chief Executive Officer MIB Group, Inc. “By combining our secure, data-driven services with TAI’s software, we will improve areas throughout the insurance lifecycle from underwriting to claims and in between.”
“Since our founding we have been dedicated to developing software that further benefits the insurance industry,” said Tom Freitas, TAI CEO. “By partnering with MIB, we will be able to create more powerful solutions that will address key pain points for insurance carriers and customers.”
Pilot programs will launch in 2019, and there is potential to add further solutions in the future.
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.
TAI is an all-in-one life reinsurance software solution connecting life insurers and reinsurers globally. TAI offers a software suite that enables companies to administer, exchange, and analyze life reinsurance programs. Through its set of powerful tools, TAI helps companies improve reinsurance data quality, automated treaty compliance, and operational efficiencies. Visit www.taire.com to discover more ways to optimize your reinsurance operations with TAI.