MIB Solutions, a subsidiary of MIB Group, and Hooper Holmes have formed a strategic alliance to help insurers better evaluate excess mortality risk in their book of new business using MIB Solution's Audit Focus, and lab data from Heritage Labs, a division of Hooper Holmes.
Reportedly, Audit Focus is a service that lets insurers review 100% of their recently issued policies for excess mortality risk. By incorporating specifically identified laboratory results from Heritage Labs, Audit Focus will be able to provide clearer insights into business exceptions and risk concentrations across every risk class to help fine tune underwriting performance.
Audit Focus enhanced with lab data from Heritage Labs is expected to provide insurers with a better picture than previously possible, particularly for preferred risks.
Stacy Gill, executive vice president of MIB Solutions, said: Audit Focus with lab data lets insurers take the pulse of underwriting so they can more closely align mortality risk with company expectations to increase performance. We anticipate this will be the first of several collaborative efforts between our companies to help the industry better manage mortality risk.”