Ensuring an Equitable Marketplace for Insurance
MIB's Underwriting Services strike a reasonable balance between an individual's right to privacy and an insurer's need for protection against errors, omissions and misrepresentations in the risk assessment process, be it intentional or otherwise.
MIB improves conditions in the insurance industry in the following ways:
Use of MIB's Underwriting Services reduces the risks associated with applicant errors, omissions and misrepresentations and helps insurers to obtain the information necessary for the complete and consistent application of their underwriting guidelines and rating plans. It also reduces the incidence of post-claim rescissions (a rescission is an act to void a policy that results in non-payment of a claim).
MIB fosters public confidence by assuring that the industry's insurance products are sold in an honest marketplace, ensuring that truthful consumers do not have to subsidize dishonest or forgetful consumers.
Risk classification is essential to the entire industry and its financial soundness. The use of MIB's Underwriting Services reduces the possibility of misclassification of risk, which provides valued support for this fundamental concept.
Creates cost savings for the insurance industry that helps keep the retail cost of insurance as low as possible for consumers.