MIB Launches Innovative Analytics Service for Life Insurance

MIB Introduces the Aptivity Analytics Service

MIB, the leading partner in data-driven insights for the life insurance industry, has announced an exciting new service called MIB Aptivity. This innovative data and analytics service is designed to provide unique insights into application activity within the life insurance market, allowing company members to navigate and thrive in a competitive landscape.

Enhancing Market Understanding

For years, MIB has served as a vital resource for understanding trends in life insurance application activity through their comprehensive MIB Life Index Reports. With the introduction of MIB Aptivity, the service is set to expand the scope of analysis, offering greater depth of information on market dynamics and enabling member carriers to make informed decisions based on up-to-date data.

Features of MIB Aptivity

The MIB Aptivity service delivers valuable market intelligence in various formats tailored to members' needs. Key features of the service include:

1) **Market Share and Peer Grouping Report** – Illustrates U.S. or Canadian market share data by state, accompanied by postal code breakdowns for member companies, as well as customizable peer group comparisons.

2) **Data Extract** – For members using existing analytics systems, a downloadable, de-identified industry data set by inquiry date is offered, which includes essential demographic details suitable for integration into existing frameworks.

3) **Impairment Prevalence Report** – This forthcoming report will provide a comprehensive view of significant impairments identified during the underwriting process, along with insights into how these impairments contribute to overall market trends.

Understanding Application Metrics

MIB Aptivity aggregates application data reported by member company underwriters to the MIB Checking Service at application time. Given the service's exclusive use in the underwriting of numerous individually underwritten life insurance policies across the region, MIB's ability to spotlight application trends is unparalleled.

The service equips MIB members with crucial insights necessary for identifying target markets, optimizing distribution strategies, and discovering new product opportunities while addressing preferences among consumers. The Impairment Prevalence Report is expected to offer valuable information pertinent to underwriting and risk management.

Expert Insights

“MIB stands as the trusted source of application data within the industry,” said Trey Reynolds, MIB's Executive Vice President of Strategy & New Business Development. “We are thrilled to equip our members with an analytics service that is not only comprehensive but also a cost-effective alternative to more expensive analytics solutions that often lack precision.” He continues, emphasizing that MIB's comprehensive visibility into application data will empower organizations to leverage insights across various domains including sales management, risk assessment, and product development.

Conclusion

With MIB Aptivity, member companies can expect a significant enhancement in their understanding of the ever-evolving life insurance landscape. The integration of real-time data and analytics will sharpen their competitive edge and empower them to make insightful business decisions.

Frequently Asked Questions

What is MIB Aptivity?

MIB Aptivity is a new analytics service introduced by MIB to provide insights into life insurance application activities and market trends.

Who can access the MIB Aptivity service?

The service is exclusively available to MIB member carriers, tailored to meet their data analytics requirements.

What kind of reports can MIB Aptivity generate?

MIB Aptivity offers various reports, including market share analysis, data extracts, and impairment prevalence reports.

How does MIB Aptivity help life insurance companies?

The service helps companies understand market dynamics, optimize sales strategies, and identify new product opportunities based on real-time data.

Who leads MIB and its initiative?

Trey Reynolds, the Executive Vice President of Strategy & New Business Development, leads MIB's initiatives in providing innovative data solutions.

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