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:

• Validate the identity of the person applying
• Improve the accuracy of the applicant’s demographic information if an error occurred in entering data, like date of birth or a social security number
• Reduce potential fraud from travelers, undisclosed foreign nationals, and other synthetic fraud
• Provide a sentinel effect across our life insurance business

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:

• Identify undisclosed foreign national business
• Improve our ability to identify ITIN vs. Social Security number
• Offer cleaner demographic data
• Access real-time information at the point of underwriting

Brian: What improvements or savings have you seen by using this service?

Amy: Since implementation, we have been able to:

1. More easily identify undisclosed foreign national business and apply our appropriate foreign national guidelines on these applications
2. More easily identify applicants who are not legal residents of the United States and apply our comprehensive underwriting guidelines
3. Identify agent trends from the tool reporting

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.