What is the role of the Medical Information Bureau (MIB)?

The Medical Information Bureau (MIB) plays a crucial role in the life and health insurance industry by acting as a central information agency that assists insurance companies in the underwriting process. The MIB compiles and maintains a database of medical information about individuals who apply for insurance coverage. This information is used by insurers to assess the risk associated with applicants, helping them make informed decisions about coverage and premium rates.

Through the sharing of medical histories and other relevant information, the MIB aids insurers in identifying potential risks and discrepancies, which can lead to more accurate underwriting decisions. This not only streamlines the underwriting process but also helps in reducing fraud and ensuring that applicants receive the correct evaluation based on their medical information. Such centralized data management ultimately serves to protect both the insurance companies and the applicants by fostering transparency in the application process.