New solution from life insurance industry
leaders supports quicker and less invasive risk assessment process
ST. LOUIS & BRAINTREE, Mass.–(BUSINESS WIRE)–Reinsurance
Group of America, Incorporated (NYSE: RGA), a leading global life
reinsurer, is teaming up with MIB Group, Inc. (MIB), the life and health
insurance industry’s most trusted and secure resource for data-driven
risk management services, to develop a synergistic electronic health
record solution for improving applicant risk assessment and expediting
the underwriting process for underwriters and applicants alike.
By offering MIB’s data network capabilities and RGA’s Digital Health
Data scoring capability together, carriers will benefit from the
synergies of a new data source and a powerful risk assessment tool for
use in underwriting.
“As the insurance industry’s leading data resource, MIB is the ideal
partner for RGA’s scoring expertise,” said David P. Wheeler, Executive
Vice President and Head of U.S. Mortality Markets, RGA. “Our respective
capabilities address a twofold challenge – accessing sources of
electronic health records and transforming them into actionable
information for underwriting.”
“By working with RGA and MIB, carriers will obtain powerful information
that will streamline their underwriting processes, allowing them to keep
up with changing consumer buying preferences and the movement to digital
environments,” said Lee Oliphant, President and Chief Executive Officer,
MIB Group, Inc.
The RGA and MIB electronic health record solutions will be available on
a pilot basis starting in April 2019. MIB’s Electronic Health Records
(EHR) Service and RGA’s Digital Health Data scoring are separate and
distinct services available from MIB and RGA respectively. Customers may
subscribe to one or both services. MIB’s EHR Service will be provided by
MIB, Inc., a wholly-owned subsidiary of MIB Group, Inc. to members of
MIB Group, Inc.
Reinsurance Group of America, Incorporated, a Fortune 500 company, is
among the leading global providers of life reinsurance and financial
solutions, with approximately $3.4 trillion of life reinsurance in force
and assets of $66.7 billion as of March 31, 2019. Founded in 1973, RGA
is recognized for its deep technical expertise in risk and capital
management, innovative solutions, and commitment to serving its clients.
With headquarters in St. Louis, Missouri and operations around the
world, RGA delivers expert solutions in individual life reinsurance,
individual living benefits reinsurance, group reinsurance, health
reinsurance, facultative underwriting, product development, and
financial solutions. To learn more about RGA and its businesses, visit
the company’s website at www.rgare.com.
MIB is the life and health insurance industry’s most trusted and secure
resource for data-driven risk management services that protect the
financial integrity of its members and address their evolving needs.
Owned by its members, MIB is uniquely positioned to securely collect and
analyze confidential data. MIB services help to detect fraud, errors and
omissions on insurance applications; to analyze industry data needed to
manage a variety of financial risks; and to make regulatory reporting
compliance less onerous and more efficient. MIB Group, Inc., a
membership corporation, provides services through its wholly-owned
operating subsidiaries, MIB, Inc. and MIB Solutions, Inc. For more
information, visit www.mibgroup.com.
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