MIB and TransUnion Work Together to Minimize Identity Fraud in Life Insurance and Annuities
Customer identification is vital to effective risk management and legal compliance when issuing life insurance and annuities. In today’s world, insurers require maximum protection from fraudsters who steal identities or misrepresent facets of their own identities in order to commit fraud or violate laws against money laundering.
For the first time, through an arrangement between TransUnion and MIB, Inc., MIB’s 400 U.S. life insurance company members can now obtain customer identity verification services through a new MIB Checking Service integration with TransUnion’s Identity Verification (IDV) solution. This solution harnesses the power of TransUnion’s comprehensive IDVision® identity management and verification suite to help ensure that neither insurers nor consumers become victims of identity fraud. Results from both the MIB Checking Service and IDV are delivered real-time, making this enhancement ideally suited for today’s rapid issue, and automated workflows. MIB’s fraud services are involved in more than 90% of all individually underwritten life insurance transactions in North America, providing easy availability to TransUnion’s identity verification services for a broad expanse of the life insurance industry.
“In order to appropriately issue policies to new customers, carriers must know as much as possible, as early as possible,” said Geoff Miller, head of global fraud and identity solutions for TransUnion. “This solution will allow MIB’s member companies to go beyond publicly available data by offering behaviorial analytics providing a more in-depth and informed identitiy analysis, giving carriers the information they need to more effectively manage identity risk while placing policies in force with confidence.”
“Real-time delivery of this key requirement gives our members a powerful tool for both traditional underwriting and automated workflows, streamlining customer acquisition for legitimate purchasers and improving profitability by rooting out identity fraud,” said Brian Millman, MIB Inc.’s vice president of underwriting services.
TransUnion’s IDV solution examines customer-provided information against multiple, comprehensive sources across a highly predictive network of global consumer data relating to identity fraud. TransUnion then returns a configurable identity risk score for assessment, as well as a detailed summary of customer-provided information that was inaccurate. The service uses sophisticated algorithms that incorporate behavioral analytics capable of identifying suspicious activity that may be indicative of identity fraud.
The solution is available for U.S. life insurance applicants. It offers more than competing solutions by providing pattern, velocity and behavioral analytics along with greater flexibility through adjustable thresholds for warning sensitivities.
For more information on MIB and TransUnion’s collaboration, speak to an MIB account representative at 781-751-6130 or email: firstname.lastname@example.org
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.
About TransUnion (NYSE: TRU)
Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Latin America and Asia. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.
We call this Information for GoodSM. http://www.transunion.com/business
 TransUnion’s Identity Verification (IDV) is a key component of TransUnion’s IDVision suite and is provided by TransUnion Risk and Alternative Data Solutions, Inc. TransUnion Identity Verification and the MIB Checking Service are entirely separate services from one another and merely share a common delivery interface for customers. TransUnion information can only be used for identity verification and identity fraud detection and may not be used, in whole or in part, as a factor in establishing an individual eligibility for insurance or any other purpose under the Federal Fair Credit Report Act or equivalent state laws.