BRAINTREE, Mass., Jan. 14, 2025 /PRNewswire/ — MIB, the life insurance industry’s most trusted and secure partner for data-driven insights and digital services announced the launch of MIB AptivitySM, a new data and analytics service that maximizes visibility into near real-time market share and market trends.
For decades, MIB has been a trusted source of trends in individually underwritten life insurance application activity, as reflected in the MIB Life Index Reports, available on the MIB website. The new MIB Aptivity service, offered exclusively to MIB member carriers, expands on this analysis, providing industry wide data and company specific reports with greater detail to support the varying data analytics needs of the life insurance industry.
MIB Aptivity delivers data and analytics in multiple ways – each option includes a running 24 months of near real-time application volume, with data categories that reveal insights into demographic trends. Services include:
1) Market Share and Peer Grouping Report – Which demonstrates U.S. or Canadian market share information by state and with postal code drill downs for participating MIB member companies, along with the same for a customizable grouping of peers.
2) Data Extract – For those MIB members with existing data and analytics systems, a download of de-identified industry level data by MIB inquiry date is available, including demographic details. This data is delivered in a format that can be ingested into the carrier’s own environment.
3) Impairment Prevalence Report – Under development is an industry level view of the most significant impairments reported to MIB by their member companies during the underwriting process, including detail on how the participating MIB member company’s reported impairment activity contributed to those results. This report will also include insights into impairment trends over the short and long term.
All reports include detail on gender and age group as well as geographic representation. The Market Share and Peer Grouping Report, along with the Data Extract, also include face amount detail.
New application activity for the MIB Aptivity Service is based on data coded by MIB member company underwriters to the MIB Checking Service℠ at the time of application. Since the MIB Checking Service is used to underwrite the vast majority of individually underwritten life insurance policies in the US and Canada, MIB has a unique ability to estimate application activity and provide the industry with insights into trends over time.
The insights provided by MIB Aptivity will help MIB members better understand their market and the changing life insurance landscape. With this data, MIB’s members can identify and target new markets and/or segments, understand demand preferences to help optimize sales and distribution strategies, and also discover new product opportunities. Impairment Prevalence Reports provide a lens on trends that may be of significance to underwriting and risk management strategies.
“MIB is in a unique position as the industry’s trusted source of application information,” said Trey Reynolds, MIB Executive Vice President, Strategy & New Business Development. “We are excited to provide our members with a comprehensive data analytics service that is affordable and can replace other more expensive options that only approximate data and are often incomplete.” He continued, “Since we have near complete visibility into application data, our service will provide the industry with a comprehensive picture of the life insurance marketplace, insight into how organizations compare to the industry and/or peer groups, and details that can help with multiple aspects of sales management, risk management and product development.”
To learn more MIB Aptivity, visit the MIB website.
About MIB
MIB Group Holdings, 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. MIB Group Holdings, Inc. provides services through its wholly owned operating subsidiaries, MIB, LLC, MIB Services, LLC and MIB Solutions, LLC. For more information about MIB, visit www.mibgroup.com.
Media Inquiries:
MIB Group Holdings, Inc.
Betty-Jean Lane
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781.751.6135
blane@mib.com
SOURCE MIB Group Holdings, Inc.
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