MIB Group, Inc. is a member-owned corporation that has operated on a not-for-profit basis in the United States and Canada since 1902. MIB's Underwriting Services are used exclusively by MIB's member life and health insurance companies to assess an individual’s risk and eligibility during the underwriting of life, health, disability income, critical illness, and long-term care insurance policies. These services "alert" underwriters to errors, omissions or misrepresentations made on insurance applications. By mitigating the risk of applicant errors, omissions and misrepresentations, MIB may help lower the cost of life and health insurance for consumers.
MIB's subsidiaries offer other business services to members and customers in addition to MIB's Underwriting Services. MIB Solutions, Inc. offers consumers the Policy Locator Service, which can help identify lost or unknown life insurance policies for deceased individuals.
MIB's business model is sometimes described as an "information exchange" because our members contribute underwriting information to the MIB database that may be useful to other members who later search the database with the authorization of the insurance applicant. The information in MIB’s database is maintained and safeguarded in a coded format that is accessible only to authorized personnel of the member company to which an individual has applied for insurance and has authorized the use of MIB as an information source.
MIB's coded reports represent different medical conditions and other conditions (typically hazardous hobbies and adverse driving records) affecting the insurability of the applicant. These reports alert insurance underwriters to possible errors, omissions and misrepresentations that were made in the application process. If the coded reports are inconsistent with the information provided by the applicant, underwriters are required to conduct a further investigation to obtain more information about the reported medical histories or conditions prior to making an underwriting decision.
In addition to MIB's use of highly confidential and proprietary codes to protect the privacy of individuals, MIB also implements and enforces robust security standards and policies that are designed to protect the security and confidentiality of any individually identifiable information in MIB's database.
By alerting its member companies to errors, omissions, misrepresentations or potential fraud in the application process, MIB helps its members place insurance applicants in the appropriate risk groups, which may keep insurance premiums low for insurance-buying consumers. For instance, when individuals withhold or omit information that would have caused the insurer to decline the policy or to charge an extra premium to account for the additional risk, all insureds of that company are indirectly affected. In order to compensate for poorer than expected mortality experience, the insurer may need to raise rates, reduce dividends or interest credited to policies, or make other adjustments.
MIB helps insurers remain financially strong so they can meet their unique guarantees and assurances to policyholders. MIB's Underwriting Services save its member companies over $1 billion (estimated) annually by allowing them to assess and select risk accurately and appropriately.
In short, MIB ensures that companies can offer – and consumers can purchase – affordable life and health insurance protection.
MIB has long provided consumers with the right to obtain their MIB Consumer File (if one exists) in order to ensure its accuracy and completeness.
Individuals who have not applied for individually underwritten life or health insurance in the last seven years will NOT have an MIB Consumer File.