MIB Leads Transformational Change to Streamline Secure Delivery of Electronic Health Records for Life Insurance Underwriting
RELEASE | April 29, 2018
Chicago, IL — AHOU 2018 (April 29, 2018) — MIB has developed a solution to one of the life insurance industry's most expensive and time consuming challenges — gathering and assessing applicant-authorized attending physician statements for the purchase of a life insurance policy.
MIB, the insurance industry's most trusted and secure resource for the exchange of medical information for underwriting purposes, today announced a new platform designed to automate the acquisition of applicant-authorized electronic health records (EHR) for accelerated delivery to MIB member insurers. The MIB EHR Data Platform is designed to replace the legacy, paper-based APS retrieval process that currently constrains policy issuance by providing a unified process through which MIB's 400 US life insurance members can securely access EHRs.
MIB is in current negotiations with leading EHR vendors to facilitate the acquisition and delivery of EHR data for the new EHR Data Platform. This platform will allow the insurance industry to drive process optimization, reduce costs and enhance data-driven decision making.
MIB is well suited to develop and deliver this platform for the industry given its central role in life underwriting at all North American insurers, and its ability to make significant financial investments in services that deliver value for its members.
"The EHR Data Platform naturally aligns with MIB's competencies in technology, data security, user experience expertise and our large-scale network capabilities. Our mission, and the mandate we have to serve our members, empowers us to deliver an industry-wide data solution that helps all our members drive more rapid issue of life insurance to meet market demands," said Lee B. Oliphant, MIB President and Chief Executive Officer. "MIB is owned by the industry we serve—we are the obvious choice for EHR delivery to the life insurance industry," continued Oliphant.
The acquisition of a medical record, the gold standard in life underwriting risk-assessment, remains largely an inefficient paper process that is due for transformation. The availability of healthcare information as a data stream is a critical advantage for insurers using rules-based decision engines for accelerated underwriting. When the information is provided as individual data fields, EHRs are a game changer for life insurers striving to reduce cycle times, improve consistency, and retain high-quality risk selection. To find out more about this new platform, speak to your MIB account representative or reach out to email@example.com
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. The MIB EHR Data Platform will be provided by MIB, Inc. For more information, visit (www.mibgroup.com).
Media Inquiries: David O. Aronson, MIB Group, Inc., 781.751.6136, firstname.lastname@example.org