5 Ways Your Insurance Companies Can Learn More About You

As the cliché goes, you can run, but you can’t hide. Life insurance companies take this seriously. But, it is also for your own good. To speed up the process of your policy application, remember to answer all of the questions as honestly as you can. You can try to hide things but your life insurance company will find out in the end. If you’re curious about how they do this, here are the most common ways.

1.    Prescription Drug HistoryPrescription histories in the last 10 years are sold to life insurance companies. This is because it has only been in the last decade that this information has been saved electronically. ExamOne, a part of Quest Diagnostics, and Milliman IntelliScript gather prescription claims data from pharmacy benefit managers and sell reports to insurers.

According to Milliman, data transfer happens within seconds. Such report includes drug name, dosage, fill date, pharmacy and even the physician information.
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2.    Information from Previous Health and Life Insurance ApplicationsAnother company which has a data-sharing service for its member life and health insurance companies is the MIB Group Inc. The insurer can share certain pieces of medical information about you with MIB when you apply for an individual policy.


For example, you had an episode of minor stroke. That information is given a code which other insurers can see if you apply for coverage again. However, MIB has information about you in the past seven years if you’ve applied for individual life, health, disability, long-term care or critical illness insurance.
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3. Your Driving and Public RecordsCompanies such as LexisNexis Risk Solution and ExamOne gives insurers motor vehicle reports from any state – reckless driving and speeding tickets in the past few years. LexisNexis is also one of the companies which scan public records to help insurers screen applications, such as bankruptcy.
4. Inside the Data Evaluation ProcessAccording to LIMRA, a financial service research group, almost all life insurers use data collected by MIB. Most insurers use prescription databases, lab results and motor vehicle records to help decide whether to issue policies to potential clients. 
5.  With Your PermissionThese are all pieces of information from you, with your consent and signature. These are medical histories, prescriptions, and current health records.

These investigations are all part of your insurer’s mission to keep you protected. If you have questions, you can talk to a trusted insurance agent about the type of policy that you need. Covensure Brokerage LLC has its clients as their first priority with affordable rates and comprehensive policies. To learn more about how we can help you please contact our agency at (248) 572-1580 or Click Here to request a free quote.