Save time and money in gathering motor vehicle records.
Focus your full MVR requests on applicants with known violations of underwriting significance.
Motor Vehicle Record (MVR) Alerts through Verisk
Ordering a motor vehicle report (MVR) on applicants is a routine requirement for life insurance underwriting. However, requesting reports on applicants who turn out to have clean driving records can be costly and cause unnecessary delays to the underwriting process.
MIB helps you save time and money by providing access to Motor Vehicle Record (MVR) Alerts through Verisk at a reduced rate. With this service, clients can flag applicants who have a motor vehicle record with violations of significance to underwriting based on your own customized standards. You can then order full MVRs only for those applicants that are flagged, and move the underwriting process ahead without delay for those applicants who come back “clear.”
Customized criteria, seamless connectivity and real-time delivery
Getting an MVR alert is easy. MIB members can request one at the same time that you perform a check of MIB Checking Service so when your underwriters look at a new case, they have all the information they need up front. Other benefits of using this service include:
3-year lookback into current, verified records (not models or predictors).
Reports delivered into your new business and underwriting system via MIB Web-Direct℠.
Configurable rules to filter out violations with little or no impact on risk assessment.
Three possible outcomes: No violation activity; Violation activity (as filtered), Individual not found.
You can enable the service with a simple amendment to your MIB MSA and an iiX End User Agreement.
A company that orders 100,000 MVRs a year can save around 58% when purchasing the MVR indicator service through MIB (actual savings may vary).
MOTOR VEHICLE RECORD ALERTSInterested in learning more?
Learn how to save time and money by filtering out drivers with a clean record from your MVR requests.