All consumers of personal health and life insurance are entitled by law to receive an annual copy of their medical report file kept by the Medical Information Bureau, Inc. (MIB). Under an agreement with the Federal Trade Commission in 1995, the Medical Information Bureau, Inc. (MIB), and all insurance companies who are members of the Medical Information Bureau, Inc. (MIB) agreed to abide by the Fair Credit Reporting Act.
To request a free copy of your annual file from the MIB, Inc. (Medical Information Bureau), complete one of the following options: (1) Call the MIB, Inc. toll-free telephone number at 1-866-692-6901 to make your request. OR, (2) Download this free MIB request form. Then mail the completed and signed form to “MIB, Inc. 50 Braintree Hill Park, Suite 400, Braintree, MA 02184” to make your request.
The Medical Information Bureau, Inc. (MIB), a Delaware corporation, is the world’s largest insurance reporting agency and represents approximately 750 member insurance companies. “The Medical Information Bureau (a/k/a, MIB Group, Inc., a/k/a, MIB, Inc., a/k/a, MIB Solutions, Inc.) collects and furnishes information on consumers to all Medical Information Bureau (MIB) member corporations for use in the insurance underwriting process.”
In addition to an individual’s credit history, data collected by the Medical Information Bureau (MIB) may include “medical conditions, driving records, criminal activity, drug use, participation in hazardous sports, sexual deviation, and personal or family genetic history, among other facts.” Under Federal law, the Medical Information Bureau (MIB) is a “consumer-reporting agency” and is required by law to provide a medical report to consumers every 12 months.
Most people have never viewed their medical report files. The Medical Information Bureau (a/k/a, MIB Group, Inc., a/k/a, MIB, Inc., a/k/a, MIB Solutions, Inc.), does not offer consumers a secure system online to request, review, and dispute information in their consumer “medical report” file. Yet, private medical information shared by the The Medical Information Bureau Inc. (MIB) with insurance companies is acclaimed by the insurance industry advocacy group America’s Health Insurance Plans (AHIP) as “the fastest, most cost-effective way for insurance companies to determine if medical statements on applications are accurate and complete.”
About The Medical Information Bureau Inc. (MIB). The Medical Information Bureau Inc. (MIB) is an insurance trade organization that serves as a cooperative data exchange formed by the North American insurance industry more than a century ago to detect and deter fraud on applications for medically underwritten insurance. The Medical Information Bureau Inc. (MIB) operates the most extensive database of medical information on individuals who have previously applied for health, life, disability income, critical illness and long-term care insurance in North America.
About MIB Solutions, Inc. MIB Solutions develops products that help insurance companies make better underwriting and risk management decisions. It markets the MIB Checking Service to health insurers and health plans, significantly improving their loss ratios by reducing applicant fraud. Other offerings include Audit Focus, a product that enhances life underwriting audits and improves mortality risk management; and the Claims Activity Index, an industry-wide, anti-fraud database for life and disability income claims. The company’s Actuarial and Statistical Research Group is at the forefront of mortality and morbidity research for life insurers providing an industry-wide perspective and metrics for compliance and business decisions. MIB Solutions, Inc. is an MIB Group company (www.mib.com/health).
About MIB Group. MIB Group is the premier provider of Internet-based information and knowledge services to the risk management market in North America and is a leading facilitator of electronic insurance commerce.”
For insurance corporations that subscribe to the MIB, Inc. exchange, the MIB, Inc. provides tools that evaluate, rate, and track insurance applicants and policy holders. The modern underwriting scheme depends on the economics of identifying risk and charging appropriate premiums to ensure fiscal viability for the corporation. At the heart of electronic underwriting is the MIB, Inc. Productivity Suite of tools, including the Insurance Activity Index, Request for Details, Checking Service, and Follow-Up Service.
The MIB, Inc. underwriting services are for insurance and healthcare corporations, not consumers. Here are descriptions of the MIB, Inc. Insurance Activity Index, Request for Details, Checking Service, and Follow-Up Service:
“INSURANCE ACTIVITY INDEX- Identifying frequent shoppers
Even though you’d like to know all of your applicants’ application activity, you often have to take their word for it, unless you’re an MIB member benefiting from the Insurance Activity Index. If you suspect an applicant of loading up on insurance by taking out a series of smaller policies or churning insurance from year to year, you can track the number of times an MIB check was made on their applications during the two years prior to yours for your line of business.
REQUEST FOR DETAILS- When you need to get granular
Not all risk assessments are cut and dry. When you need to verify and validate the contents of a coded report, MIB promotes the sharing of information with the member company that input a particular code.
CHECKING SERVICE- Seeing applications in a whole new light
Often when drawing upon information obtained during an applicant’s previous policy applications for insurance, a different picture appears. Forgetfulness. Willful omission. Outright deception. MIB reports are renowned for exposing a lack of candor in applications early in the process. As a result, MIB member companies are equipped with one of the most potent weapons against undue risk exposure–a proficient instrument enabling them quickly and cost effectively to get them to the point where they can issue with confidence.
FOLLOW UP SERVICE- Casting a larger net
As the industry’s only source for post-policy issue information, the MIB Follow-up Service provides a crucial “second chance” to underwrite based on additional, discovered information during the contestable period. For two years following the original MIB inquiry, this Service alerts members to a policyholder’s medical conditions that were undisclosed at the time of the original application.”
According to Douglas M. Mertz, MIB Solutions’ Vice President, “Corporations, insurance companies, and health plans selling individual medical expense insurance are increasingly seeking new tools to give them a better understanding of their applicants’ medical profiles up front.”
Insurance policies issued under erroneous medical histories are said to impact everyone — companies are impacted by unexpected claim costs and difficult rescissions and reformations, and the additional costs are born by every policyholder in the form of inflated premiums. “MIB helps companies better identify material misrepresentations on their applications so insurers can make more informed decisions around the risks they underwrite,” says Mertz.
“Our market presence is expanding as more companies realize MIB’s strong protective value,” says Lee B. Oliphant, MIB Solutions’ Executive Vice President. “MIB’s impact on the bottom line is considerable. A recent industry study demonstrated a nearly six percentage point improvement in their loss ratio by incorporating MIB at initial underwriting.”
Under a consent agreement with the Federal Trade Commission, the MIB and its members are required to comply with consumer protections of the Fair Credit Reporting Act. (“Nation’s Largest Insurance Reporting Agency Agrees To Expand Consumer Rights.”) Yet, consumers remain unaware of the MIB’s existence.
Whereas most consumers would never apply for credit without verifying their credit report files, few consumers are aware that insurance companies also use consumer credit reports to evaluate applicants and set prices for policyholders. To prevent rejection for pre-existing conditions, consumers should request a copy of their medical report file (guaranteed under Federal law) to check for errors and accuracy.