A critical step for financial underwriting is assessing an applicant’s total insurance exposure, including in force and pending coverage. Without the ability to independently verify applicant coverage data, carriers can be exposed to errors and omissions (intentional or unintentional) and potential fraudulent behavior that can be costly. The MIB Total Line Service provides a robust picture of insurance exposure on an applicant at the time of underwriting, helping you proactively manage these risks.
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). This safeguards underwriters from over-insuring applicants and helps prevent adverse risk selection prior to a policy being issued. An additional feature of the alert will highlight when the total aggregate amount of coverage is $50M or more, to help carriers identify and manage potential jumbo treaty breach risk.
Together with TAI, MIB has developed this service as part of the MIB In Force Data Solution portfolio. The service leverages the only data solution in the industry providing insight into both in force and pending application activity. Our contributory database owned, managed and secured by MIB contains:
With this data, underwriters can validate application details, gain insight into a client’s insurance history and a view of potential fraudulent behavior patterns – all incorporated into their standard workflow.