MIB Total Line Service Alerts provide insights into in force, pending and terminated application data. Using this information, underwriters can validate application data and verify total coverage exposure. Additionally, the Alerts help shed light on behavior patterns that may require further investigation to ensure underwriters are best managing risk and pricing policies appropriately.
Our case study series, leveraging REAL life insurance case data, demonstrates the power of the unique insights that the Total Line Service provides to our participating members.
In the sixth case study in our series, the Total Line Alert reveals a questionable pattern of applying to multiple carriers for smaller Term Life policies.
A 35-year-old male applied for $500,000 of coverage.
Pending application data shows three additional applications, bringing the total to four different carriers being approached for coverage during a three-month period:
The Total Line Alert also identified 3 additional applications from 2020:
Armed with this information, the underwriter can see the total coverage exposure is $1,350,000. They also can observe application behavior that may require additional questioning to ensure risk is properly assessed. Underwriting considerations revealed by the alert include:
Below is a copy of the full Total Line Alert for this case study (You can also view an expandable version of this Total Line Alert):
If you haven’t yet signed up for the MIB Total Line Service, how would your company become aware of this type of activity? With the information provided on Alerts, underwriters can confirm the total line of coverage being pursued and identify behavior patterns that may require further investigation.
The MIB Total Line Service
The Total Line Service provides alerts, delivered during the underwriting process, that reflect the total amount of in force and pending life insurance coverage for an applicant. In addition, the alerts include a variety of policy information, including any terminated coverage.
Learn more about how you can empower your underwriters with total coverage exposure data with the MIB Total Line Service by visiting: https://www.mibgroup.com/solutions/total-line-service.