(Image source: PSG homepage.)
MIB Group, Inc. (Braintree, Mass.), a provider of data-driven risk management services for the life and health insurance industries, has announced that it has acquired Paperless Solutions Group (PSG; Gainesville, Fla.), a digital solutions provider. The acquisition expands MIB’s portfolio of solutions aimed at making the application and underwriting processes quicker and more efficient.
MIB’s expanded portfolio will include PSG’s products and tools that automate and facilitate the application process, including requirement gathering, signatures, policy delivery, application submission and underwriting risk assessment. These services integrate flexibly and easily with carrier systems and complement MIB’s existing products, which help insurers assess risk during and after the underwriting process, according to an MIB statement on the acquisition.
“PSG has a long history of service to the life & health space with a special eye to process improvement,” comments Jeff McCauley, President, PSG. “The team and I are very excited to join the MIB Group as we believe the alignment of our products, services and personnel will bring even more innovation to the industry.”
“The life insurance industry is in the early stages of a digital transformation that has only accelerated since the onset of the pandemic,” comments Brian Winikoff, President and CEO, MIB. “PSG’s portfolio of products and services are well positioned to support the industry’s quest to simplify and expedite the insurance application process and fit well with the solutions MIB offers our clients today. Integrating PSG’s platform with our existing services will enable us to provide next-generation capabilities focused on automating the approach to selling and underwriting life insurance.”
Significant Value for Life Insurers
PSG’s tools can be used individually, or on a bundled basis, and are easily incorporated into a carrier’s existing systems through robust API plug-in capabilities, the MIB statement asserts. “We believe PSG’s platform could provide significant value to the life insurance industry by streamlining the underwriting process and providing an efficient and reliable portal to collect key data closer to the point of sale,” Winikoff adds.