Lapse rates and churning costs the industry billions each year.
In preparation for the rollout of our new Total Line Alerts, MIB has completed an analysis of data within our Insurance Activity Index (IAI), and it has shed some interesting light on our member’s potential exposure to these risks.
Below is a case study using REAL data from one of our members. Even before this member has contributed full data to the MIB In Force data vault, we have been able to identify concerning behavior patterns from their IAI data alone.
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):
This is a real MIB member – could this data be from your company? What does your company have in place to predict a lapse or churning risk?
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. With this data, underwriters can not only verify an applicant’s reported coverage level, but also proactively identify patterns and behaviors that may warrant further investigation (such as signs of potential stacking and requirement avoidance).
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