SBLI Streamlines the Life Insurance Purchase Process with MIB’s Electronic Medical Data Service

WOBURN, Mass.–(BUSINESS WIRE)–SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) recently selected MIB Group, Inc. as their primary electronic medical data vendor. SBLI made the selection following a pilot that involved a variety of strategies to streamline the underwriting process to enhance and expedite the experience for both customers and agents by leveraging electronic health record (EHR) data rather than traditional APS records.

MIB is one of the life and health insurance industries’ most trusted and secure resources for data-driven risk management services. The use of their electronic medical data service, with the enhancements they have recently announced, will greatly benefit SBLI’s relationships with BGAs and other clients. These will include:

• Increased data access: The addition of new and exclusive data sources to infuse the growing release rates.
• Broader data collection options: New data selection methods, such as the Patient Portal, that allow clients to select retrieval options that best support existing or new workflows.
• An APS retrieval option: Allows clients to systematically reflex to a traditional APS when no electronic record is found. SBLI is in the process of contracting and implementing this retrieval option.

This type of innovative and seamless technology partnership is a significant step toward building a modern, digital sales process that enables the level of service consumers demand and enhances the overall experience for SBLI agents and customers.

“MIB provides superior customer service for the electronic medical data platform. We have seen a noticeable growth pattern since we began using the platform in May of 2020, with an increase of information contained within the records that allow us to frequently provide an underwriting decision without the need for additional medical requirements,” said Brian O’Connell, Vice President and Chief Underwriter at SBLI. “We are looking forward to growing our digital capabilities within the underwriting department, and the MIB Medical Data Solution and vision complement our internal growth strategies.”

“Electronic medical data is a crucial requirement to help insurers like SBLI build efficiencies and create a better customer experience,” said Andrea Caruso, Executive Vice President and Chief Operating Officer at MIB. “SBLI has been a valued MIB Member since 1973 and we are very proud to have them select us to help advance their digital journey.”

About SBLI

For nearly 115 years, SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) has specialized in providing hassle-free, affordable life insurance. Whether it be term life, whole life or a plan that combines the two, we offer dependable protection at a fair price.

About MIB

MIB Group, Inc. is the insurance industry’s most trusted and secure partner for data, insights and digital solutions that support underwriting and actuarial decision making and improve industry efficiencies. With deep connections to the life insurance companies who are its members, and a sole focus on improving the insurance industry, MIB is uniquely positioned to provide data-driven solutions that address common industry challenges and enable clients to gain efficiencies, manage their risks, and grow profitably. For more information about MIB, visit www.mibgroup.com.

Contacts

Alexander Caswell

Regan Communications

617-488-2885

scaswell@regancomm.com