Realtime Data Bureau delivers
the information you need in real time
Realtime Data Bureau offers life and health carriers a single connection to multiple data sources to validate applicant information in real time. The data is custom-formatted to carrier specifications and includes the option for automated decisioning based on carrier rules. This helps carriers assess risks quickly and accurately as part of an automated underwriting system, such as Realtime STP, or as part of the traditional underwriting process.
The data sources Realtime delivers include:
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Medical Information Bureau - MIB provides medical information obtained during the underwriting process of member insurance companies. MIB data is used in over 90% of individual life policy applications in North America. The purpose of the MIB report is to detect and deter applicants from omitting or misrepresenting significant facts.
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Pharmaceutical drug histories (Milliman IntelliScript and Ingenix MedPoint) - Realtime delivers drug histories from the two leading prescription drug history data sources. Data includes drug name, disease indicator, dosage, fill date, and physician information. This information is used to verify medications for conditions an applicant has been diagnosed for, as well as to identify and verify all doctors prescribing them.
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Motor vehicle records - MVR reports provide an applicant's driving history in the state of residence to uncover applicant risk behavior and impaired driving information.
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Consumer credit histories - Credit scores can provide evidence of suitability for a specific life product, verify identity, and determine the applicant's ability to make future payments.
The purpose of the data is to uncover undisclosed risk information and confirm applicant responses, which reduces the need for APS requests and paramed visits. A complete and accurate assessment of risk significantly increases productivity, dramatically reduces processing time, and is considerably more cost effective. Furthermore, Realtime can configure its transaction rules engine to deliver responses that are immediately actionable as part of any carrier's decisioning process.
Click this link if you'd like to request a demo of the solution.
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Data Bureau defined
Realtime Data Bureau provides instant online access to MIB, prescription drug profiles, motor vehicle records, and credit reports to streamline new business application processing and underwriting. This unique data service can be incorporated into any automated or traditional underwriting process.
Click here to order Realtime product sheets.
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