The head of an insurance industry support organization founded in 1902 is still looking for ways to grow.
Lee Oliphant, president of MIB Group Inc., talked about his idea for expanding the Braintree, Massachusetts-based risk exposure organization’s horizons earlier this week in an interview.
Related: MIB Reorganizes Subsidiaries
Insurers started MIB in an effort to share information they could use to determine whether consumers were misrepresenting or omitting significant information from applications for life insurance, medical insurance or other health-related insurance products.
Today, life insurers use MIB databases to check the information on applications for almost all individually underwritten life insurance sold in the United States and Canada. Insurers also use MIB to check applications for individual disability insurance, long-term care insurance and other products.
A MIB unit uses life application checking data to produce monthly, quarterly and annual life application activity statistics. For December, for example, application activity was 0.3 percent higher than in December 2015.
In recent years, Oliphant said, the industry has been investing heavily in efforts to reach to consumers through the web and to speed up the application process, to reverse a drop in sales to people under the age of 45.
This year, sales to younger consumers appear to be starting to rebound, Oliphant said.
“There’s a little bit of a demographic shift,” he said.
MIB gets most of its data from the insurance applications and application-related records sent to member companies. It also gets data from state motor vehicles departments.
In some cases, for example, MIB records might show that an applicant mentioned diabetes or a skydiving hobby on one application, then left the information off the application being checked.
MIB describes itself as an organization that can help insurers reveal hidden risk.
Here are some of Oliphant’s ideas for ways to broaden its mission.
Lee Oliphant has ideas about ways to expose potential risk for new clients, and expose more potential risk for existing clients. (Photo: Thinkstock)