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.
"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.
About MIB
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.
About Verisk
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.
Contacts:
David O. Aronson
MIB Group, Inc.
781-751-6136
daronson@mib.com
Brett Garrison
Edelman (for Verisk)
917-639-4903
Brett.Garrison@edelman.com
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.
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SOURCE MIB