MIB Signs Agreement with Explore to Make Sherlock® Criminal Record Checks Available to MIB's 400 Life Insurance Members
MIB Grows its Underwriting Data Services
RELEASE | April 10, 2019
Braintree, MA and New York City (April 10, 2019) — MIB, the life insurance industry's most trusted and secure resource for the exchange of life insurance underwriting information, today announced an agreement with Explore Information Services, LLC, a wholly-owned subsidiary of Solera Holdings, Inc. ― a leader in digital technologies for insurers, state governments and commercial fleets ― to make its Sherlock Criminal History solution available to MIB's 400 life insurance members. MIB selected Sherlock because it provides unique and superior underwriting decision-support. Sherlock is being offered to MIB members at a special price.
Under this agreement, MIB members will be able to securely access Sherlock criminal histories in real-time, making it ideally suited for automated workflow solutions. Sherlock accesses conviction information from state court systems and departments of corrections — a key advantage over expensive local background checks. In contrast to services that provide only an opaque model score, Sherlock offers a detailed record of criminal convictions that have been filtered, standardized and accurately matched so they can be confidently used for underwriting decisions. Moreover, Explore has a 30+ year history of successful, long-standing insurance carrier relationships and provides support to Sherlock users as a full-service Consumer Reporting Agency. MIB is pleased to offer the Sherlock service through its secure system-to-system network used daily by the underwriting departments in its 400 U.S. member companies.
"Criminal histories are a critical underwriting checkpoint. Sherlock's market-leading national records collection is an exceptional value for information that has historically been unavailable to carriers as a real-time solution,"" said Brian Millman, MIB Vice President. "The Explore relationship is a key component of our strategy to 'connect the industry' with valued third-party underwriting solutions through our flagship MIB Checking Service, which is designed to increase the speed and accuracy of risk assessment while at the same time reducing cost," continued Millman.
"Explore already has deep penetration within the P&C insurance market, so it's been exciting for us to see Sherlock quickly capture the attention of the life insurance space as well. This partnership allows us to expand the use of Sherlock utilizing MIB's established data connections and trusted member relationships," said Tom Eggenberger, Explore's Managing Director. "Our goal is to be easy-to-work-with and this partnership will allow MIB members to seamlessly access Sherlock using MIB connectivity. In the future, we look forward to expanding our available solutions with MIB," said Eggenberger.
To learn more about MIB and Sherlock reach out to firstname.lastname@example.org.
About MIB MIB is the life and health insurance industry's most trusted and secure resource for data-driven risk management services that protect the financial integrity of its members and address their evolving needs. Owned by its members, MIB is uniquely positioned to securely collect and analyze confidential data. MIB services help to detect fraud, errors and omissions on insurance applications; to analyze industry data needed to manage a variety of financial risks; and to make regulatory reporting compliance less onerous and more efficient. MIB Group, Inc., a membership corporation, provides services through its wholly-owned operating subsidiaries, MIB, Inc. and MIB Solutions, Inc. Sherlock services are made available by MIB, Inc. Visit www.mibgroup.com for more information.
About Explore Information Services For nearly 30 years, Explore Information Services has been a leading provider of risk management data to insurance companies, government agencies and commercial fleets. Our cutting-edge digital solutions provide a unique window into the critical aspects of risk mitigation. As a trusted provider to North America’s largest insurers, Explore manages millions of underwriting data transactions every day using the most comprehensive driver, criminal and location-based risk information in the industry. For more information on Explore, please visit ExploreData.com. Explore is a wholly-owned subsidiary of Solera Holdings, Inc.
About Solera Holdings, Inc. Founded and continuously led by inventor and entrepreneur Tony Aquila, Solera is a global leader in digital technologies that connect and secure life's most important assets: our cars, trucks, homes and identities. Today, Solera processes over 300 million digital transactions annually for approximately 235,000 partners and customers in nearly 90 countries. For more information on Solera, please visit solera.com.