MIB Group
| Company type | Membership organization |
|---|---|
| Industry | Insurance services |
| Founded | 1902 |
| Headquarters | Braintree, Massachusetts , United States |
Area served | United States and Canada |
| Products | Underwriting information services for life, health, disability income, critical illness, and long-term care insurance policies |
| Owner | Approximately 430 insurance firms in the US and Canada |
MIB Group, Inc.—commonly referred to as MIB and formerly known as the Medical Information Bureau—is a membership-based organization owned by approximately 430 insurance firms across the United States and Canada. Established in 1902 and headquartered in Braintree, Massachusetts, MIB offers services designed to assist insurers in uncovering omissions or concealment of vital underwriting information for life and health insurance policies.
Business model
The primary role of MIB involves detecting inaccuracies, omissions, or false statements on insurance applications to mitigate fraud and reduce adverse selection risks. Serving solely its member life insurance companies, MIB supports the underwriting processes for policies including life, health, disability income, critical illness, and long-term care. Its solutions notify underwriters of any inconsistencies that require further verification prior to finalizing underwriting decisions.
Applicants grant permission to MIB members to consult MIB's database, which holds encoded data derived from underwriting investigations rather than direct medical records. This information is gathered from sources such as medical questionnaires completed by applicants, reports from attending physicians, notifications of unfavorable laboratory results, and motor vehicle records. The use of coded data ensures consumer privacy is maintained. In compliance with the Fair Credit Reporting Act, consumers in both the US and Canada have the right to obtain a complimentary annual disclosure of their MIB report, along with an additional copy if an insurance application is denied based on information within the report.
As reported by the Federal Trade Commission, companies affiliated with MIB account for 99% of individual life insurance policies and 80% of health and disability policies issued throughout the US and Canada. Recognized as a "nationwide specialty consumer reporting agency" under the FCRA, MIB is obligated to provide consumers with yearly access to their reports upon request.
History
MIB was originally established in 1902 under the name "Medical Information Bureau" by life insurance companies aiming to create a shared industry database covering life insurance and related products. The organization’s mission was to facilitate information exchange that safeguards applicants, insurers, and policyholders against fraud and omissions, thereby promoting responsible underwriting practices.
Between 1902 and 1945, governance of MIB was managed by a sub-committee within the Association of Life Insurance Medical Directors of America (ALIMDA). In 1946, it transitioned into an unincorporated association governed by New York state law before becoming a Delaware-incorporated membership corporation in 1978.