MIB
MIB is a non-profit organization based in Braintree, Massachusetts, specializing in various aspects of the insurance industry, including applicant fraud detection and risk management. Founded in 1902, the company provides data-driven solutions and actuarial services to enhance the efficiency and profitability of life insurance processes.
Company Overview
MIB is a non-profit organization founded in 1902, headquartered in Braintree, Massachusetts. The company operates within the insurance industry and employs a team of 686 professionals, classifying it as a large business. MIB focuses on enhancing the affordability of life insurance for consumers through data-driven solutions. It aims to address common industry challenges, enabling clients to manage risks and improve profitability.
Specialties
MIB specializes in various areas critical to the insurance sector. Its specialties include applicant fraud detection, insurance annuity and pension experience studies, insurance risk management, and life statistical agent services. Additionally, MIB has expertise in mortality, morbidity, and longevity, as well as unclaimed property compliance. The organization also focuses on electronic health records (EHR) and actuarial practices, providing a comprehensive suite of services to its clients.
Digital Solutions
MIB offers a range of digital solutions designed to support the digitization of insurance processes. These solutions aim to enhance the experiences of agents, applicants, and underwriters. The company provides In Force Data Solutions, which delivers insights into application activity to identify potential risks. Its Medical Data Solutions portfolio streamlines data collection from multiple sources, facilitating effective risk management and underwriting processes.
Data and Analytics
MIB has developed a contributory database known as the In Force Data Vault, which helps detect and prevent adverse behavior patterns in insurance applications. The organization also provides Code Solutions that assist in underwriting risk assessment and fraud detection. The MIB Life Index report, issued monthly, offers insights into trends in application activity for individually underwritten life insurance, analyzing data by age group, product type, and face amount.
History and Impact
With over 100 years of experience, MIB has a longstanding history of providing unique risk assessment and fraud detection services to the insurance industry. The organization has deep connections with life insurance companies, which are its members. In recent years, MIB expanded its portfolio of underwriting services by acquiring RiskRighter, further enhancing its capabilities in the insurance sector.