MIB Group Holdings Inc., which maintains a contributory database on behalf of the life insurance industry, is now leveraging that asset to help carriers and reinsurers understand an applicant’s total coverage exposure. 

Calling it the only data solution of its kind, MIB says the tool will allow companies to make use of in force and pending application data and terminated policy data to gain insight into an applicant’s reported coverage.

“The services available within the portfolio enable the industry to identify potential risk and behavioural trends tied to total coverage exposure while minimizing hidden financial risks,” the company says in a statement announcing the service launch.

One aspect of the service offering gives participating carriers and reinsurer the opportunity to have a retrospective look at highly insured individuals to identify jumbo treaty breaches during the contestability period. Launched in April 2022, they say the service to date has identified more than 600 insureds with combined in force and pending coverage levels near or above jumbo treaty limits, along with more than 16 actual treaty violations.

“MIB sees significant future potential to leverage the database for services that extend beyond fraud prevention,” they write. “Before now, the industry lacked the opportunity to see a full picture of in force, applied for and terminated coverage. Now that we examine the picture in full, there is great potential to uncover novel insights and valuable learnings.”