What is the MIB, Inc. product called the “Disability Insurance Record System (DIRS)”?  The MIB, Inc. marketing materials offer the following description of the “Disability Insurance Record System (DIRS),” an electronic information product to exchange consumer information among insurance and healthcare corporations:

“Disability Insurance Record System (DIRS) – A more complete picture
Underwriting disability income business from a medical standpoint is hard enough. Determining if you are over-insuring an applicant is even harder. Additionally, over-insured applicants are more likely to file a claim! That’s why companies who want to Issue with Confidence use MIB, Inc.’s Disability Insurance Record Service (DIRS).

DIRS is an industry-shared five year database of application history that tracks “applied for” and “in-force” coverage.  Based on an application, members search the DIRS Database for prior activity as an “alert” to potential over-insurance. At the same time, they add the amount of coverage “applied for” and the amount admitted as “in-force” to the DIRS database. A “follow-up” feature alerts members to new information added to the DIRS database for six months following the original search.

Know More
All underwriters are aware of the risk inherent with over-insurance and its potential hazards especially within the disability income insurance market. DIRS provides underwriters a more complete picture of an applicant’s coverage profile.

A DIRS report details the amount other disability income insurers are currently underwriting or have issued on an applicant. Each report includes the reporting insurer, application dates, amounts of coverage applied for and amounts admitted to be in force.

Proven Results
With a “find ratio” of nearly 25%, and a thirty year record of helping deter speculative purchases of disability income insurance, over-insurance, and fraud, there can be no question of the value of DIRS in the underwriting process.

Easy to integrate with your workflow, DIRS searches and updates are handled in one simple step for greater efficiency. A follow-up feature reports any new application activity an applicant engages in within six months following the initial search. The DIRS report also identifies which companies reported activity with an applicant, enabling direct communication between insurers and a quick resolution on issuing. For large volume customers, automated integration with your underwriting system is available using the ACORD TxLife data standard.

Issue with Confidence – DIRS & MIB Checking Service
Virtually all DIRS members use DIRS in conjunction with the Checking Service, MIB, Inc.’s flagship fraud detection service. Together they can expose an applicant’s “lack of candor”, whether due to forgetfulness or willful omission, from both the over insurance and medical perspective, allowing you to “Issue with Confidence”!

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