LIFE INSURANCE, INSURANCE TECHNOLOGY
MIB | March 20, 2023
MIB, the life insurance industry's most trusted and secure partner for data-driven insights and digital services announced the launch of a new suite of solutions that leverage a unique database consisting of in force and pending application data as well as terminated policy data to provide new critical insights to the industry.
The MIB In Force Data Solutions portfolio leverages a contributory database, maintained by MIB on behalf of the life insurance industry, to provide insights that address a critical industry challenge – the need to understand an applicant's total coverage exposure. The only data solution of its kind, the database was developed in partnership with TAI (Tindall Associates, Inc.), the premier reinsurance administration software in use in the U.S., and in conjunction with carriers and reinsurers who are MIB's members.
The first services available within the portfolio enable the industry to identify potential risks and behavioral trends tied to total coverage exposure while minimizing hidden financial risks:
The MIB Jumbo Service enables participating carriers and reinsurers to take a retrospective look at their highly insured individuals to proactively identify and resolve jumbo treaty breaches during the contestability period. Launched in April of 2022, the service to date has helped the industry identify over 600 insureds with combined in force and pending coverage levels near or above jumbo treaty limits, helping mitigate more than 16 jumbo treaty violations, and saving the industry an estimated $75 million of unanticipated claims.
Newly launched, the MIB Total Line Service provides total coverage exposure data at the time of underwriting. With this new data, underwriters can verify an applicant's reported coverage level, and also proactively identify risk patterns and behaviors that may warrant further investigation. Based on initial MIB case studies, the service has significant potential to help identify behavioral risk of applicants and producers.
Since the In Force Solutions contributory data vault leverages existing system interfaces that many carriers already have in place with TAI and MIB, most MIB members can take advantage of the new services without the burden of an IT spend. In force data is contributed through TAI's reinsurance software and pending application data is contributed through MIB's Code Solutions platform which is e-connected to 99.0% of the insurance companies in North America.
Committed to developing innovative solutions that address the life insurance industry's evolving needs, MIB sees significant future potential to leverage the database for services that extend beyond fraud prevention. "As our access to data continues to grow, there are many opportunities to introduce new services and deliver additional insights," said Patti DeWitt, Vice President of Member Services at MIB. "We are excited about the possibilities for new innovative solutions, leveraging protective value studies, data analytics and behavioral sciences that can safeguard against fraud, improve claim processes, inform underwriting rules, and more."
"Before now, the industry lacked the opportunity to see a full picture of in force, applied for, and terminated coverage. Now that we can examine the picture in full, there is great potential to uncover novel insights and valuable learnings for the industry," said Chris Murumets, CEO, TAI. "This is a perfect example of how data and analytics can be leveraged to help move the industry forward."
MIB Group Holdings, Inc. is the insurance industry's most trusted and secure partner for data, insights and digital solutions that support underwriting and actuarial decision making and improve industry efficiencies. With deep connections to the life insurance companies who are its members, and a sole focus on improving the insurance industry, MIB is uniquely positioned to provide data-driven solutions that address common industry challenges and enable clients to gain efficiencies, manage their risks, and grow profitably. MIB Group Holdings, Inc. provides services through its wholly owned operating subsidiaries, MIB, LLC, MIB Services, LLC and MIB Solutions, LLC. For more information about MIB, visit www.mibgroup.com.
LIFE INSURANCE,HEALTH INSURANCE
Mercury Insurance | December 21, 2022
Mercury Insurance has been helping people through the most difficult of times for more than 60 years. Mercury's unwavering commitment to its customers hasn't changed since it first opened its doors in 1962, and over the years that promise to do the right thing has expanded to include a variety of programs through the company's Mercury Cares initiative.
Mercury Cares was developed to support causes, organizations and individuals that go above and beyond to serve their communities. This desire to help and support everyday heroes led Mercury Cares to The Bear Fund and Cancer Support Community, who introduced us to an incredible young woman who is the personification of hope, determination and the power of positivity – Emma Frommeyer.
Emma is, in many ways, a typical teenager. She loves music, makeup and hanging out with friends, but there is one thing that sets her apart from most teenagers – Emma has a brain tumor and is fighting for her life.
Since being diagnosed with cancer, Emma hasn't had the chance to do the things a 13-year-old should be able to do, The Bear Fund has really been there for Emma and the family, providing gas cards to help get Emma to treatment, which is an hour and a half each way. And Mercury showed how much they care when they gifted a dream to trip to Los Angeles so Emma could see one of her favorite music artists and enjoy some beach time with her family. We are so thankful for the joy that it's brought the family,said Trista Conner, Emma's aunt.
Mercury produced a series of videos sharing Emma and her family's story. These inspirational videos will allow viewers to get to know this amazing young lady and watch her journey, as she and her family show the world what it means to look on the bright side of life, even when it seems like the odds are against you.
"Mercury Cares partners with like-minded organizations that are committed to providing valuable services to the customers and communities we help protect, We're proud we can partner with the Bear Fund to help celebrate and support cancer patients like Emma and her family."
-Erik Thompson, Vice President and Chief Marketing Officer at Mercury Insurance
The Bear Fund was founded after Heather and Nick Baker's youngest child, Barrett ("Bear"), was diagnosed with a rare liver cancer. During that time, Heather and Nick began to notice the economic challenges some families on the hospital floors were facing. They decided they wanted to help, so they established The Bear Fund, in partnership with the Cancer Support Community, a 40 year old 501c3 charity, to provide financial support and navigation services to families with children diagnosed with cancer.
We walked by rooms to see children having to go through treatment or recover from surgery alone and we realized there's got to be something we can do to help, Parents shouldn't have to worry about missing work one day so they can be with their kids during treatment. We wanted to do what we could with the help of amazing donors to make this tough journey just a little bit easier,said Heather Baker.
Inspired by Emma's experience, Mercury Insurance is committed to bringing more awareness to The Bear Fund by giving away tickets to a Live Nation VIP Nation concert. For a limited time, all donors to The Bear Fund will be entered into a drawing to win two Live Nation VIP Nation 2023 concert experiences. Four lucky winners will be chosen. No purchase is necessary to enter to win and the contest is open to U.S. residents 18 years of age and older.
About Mercury Insurance
Mercury Insurance (NYSE: MCY) is a multiple-line insurance carrier offering personal auto, homeowners, and renters insurance directly to consumers and through a network of independent agents in Arizona, California, Illinois, Georgia, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia, as well as auto insurance in Florida. Mercury also writes business owners, business auto, landlord, commercial multi-peril and mechanical protection insurance in various states.
Since 1962, Mercury has provided customers with tremendous value for their insurance dollar by pairing ultracompetitive rates with excellent customer service. Mercury has earned "A" ratings from A.M. Best and Fitch, as well as "Best Auto Insurance Company" designations from Forbes and Insure.com.
CORE INSURANCE,LIFE INSURANCE
The Penn Mutual Life Insurance Company | November 25, 2022
The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, is pleased to announce that the company has maintained its dividend scale for 2023 and the Board of Trustees has approved a record $163 million payout to eligible policyholders in 2023.
Dividends are a key measure of a mutual company's performance and Penn Mutual has consistently paid dividends to eligible policyholders for nearly 175 years. This announcement extends the company's long track record of delivering strong performance and value to policyholders.
"We're proud that our dividend action over the last 20 years remains one of the strongest and most consistent in the industry, This noteworthy achievement, particularly given today's economic uncertainty, reflects our long-term perspective, a shared commitment to upholding the company's financial strength and serving the best interests of our policyholders."
-Dave O'Malley, President and CEO
About The Penn Mutual Life Insurance Company
For more than 175 years, Penn Mutual has been helping people get stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people's ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly-owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC.