Several of our member companies have asked to hear from others about their experiences in leveraging MIB services to streamline processes and manage costs, while still ensuring an appropriate risk tolerance. One critical step in the underwriting process, heightened by the growth of digital submissions, is identity verification of the applicant. MIB members can seamlessly perform identity verification (IDV) through TransUnion's TruValidate Identity Verification Service® at any time during the underwriting process.
I sat down with Amy Rider, Vice President, Underwriting Strategy and Mortality Management with Sammons Financial Group to discuss their experience with the MIB Identify Verification (IDV) service offered through TransUnion. Here are some key takeaways from our discussion:
Brian: What was the problem you were trying to solve when you were initially looking at the Identity Verification Service?
Amy: Sammons Financial Group was interested in a more robust, automated identity verification tool at the front-end of our life insurance business. We believed that implementing a front-end identity verification tool would:
Brian: What was the most enticing part about the service when you first learned about it?
Amy: This product presented the opportunity to increase effectiveness in identifying potential fraud situations during the underwriting process. It also provides the ability to:
Brian: What improvements or savings have you seen by using this service?
Amy: Since implementation, we have been able to:
Brian: How have you been able to determine the return on investment?
Amy: This tool has been a favorable return on investment when reporting was implemented. It has allowed the company to have a higher degree of confidence in the quality of the business being submitted.
Brian: Any recommendations for other companies experiencing similar challenges?
Amy: Access to timely data is important in the life insurance industry. We recommend creating reports to closely monitor the frequency of the rule outputs in order to determine next steps.
An efficient and comprehensive identity check
Confirming customer identification is an essential step in underwriting to prevent insurance fraud. MIB clients can seamlessly perform identity verification across a wide spectrum of databases with Identity Verification through TransUnion's TruValidate Identity Verification Service®.
For more information about how you can streamline identity verification, while taking advantage of MIB's special rates, contact us.
Brian Millman is the Vice President and Head of Member Engagement for MIB. Brian joined MIB in 1994 and prior to his current position, he led MIB's membership, new business development, product development, sales and marketing. He is a frequent presenter at industry conferences including ReFocus, Association of Home Office Underwriters, Global insurance Symposium and the Society of Actuaries. Brian holds a B.S. in Management from the University of Massachusetts in Amherst, MA and an M.B.A. from Curry College in Milton, MA. He also holds certificates in technology from both Bentley College and Northeastern University.