MIB Group, a leading provider of data-driven solutions for the life insurance industry, has acquired Clareto, a medical record retrieval company, from Munich Re Life US.
This acquisition marks a key step in MIB’s strategy to expand its capabilities in electronic health records (EHR) adoption for life insurance underwriting, according to InsurTech Insights.
It also signals a broader partnership between MIB and Munich Re to improve data access and analytics, paving the way for more automated and streamlined risk assessments.
The value of the deal has not been disclosed, but the acquisition will integrate Clareto’s expertise into MIB’s existing EHR platform, combining it with MIB’s Medical Data Solutions. This collaboration is expected to create a market leader in electronic medical data access, offering clients seamless access to a broader range of EHR sources and enhanced summarisation tools powered by MIB’s RiskRighter and Munich Re’s rapid risk assessment tool, Alitheia.
MIB Group is well-known in the life insurance sector for providing technology-driven solutions that help businesses assess risks more effectively. Its partnership with Munich Re Life US aims to enhance the use of EHRs in underwriting, improving the accuracy and efficiency of decision-making. Meanwhile, Clareto is a leading company in the medical record retrieval space, offering services that help insurers streamline the process of acquiring medical records necessary for underwriting.
As part of the integration, the new platform will allow clients to access a wider array of medical data sources. It will also provide new summarisation options that enhance the underwriting process. Moreover, users of Clareto will now have access to MIB’s reflexive services, including automated transitions to traditional attending physician statement (APS) collection when EHR data is unavailable.
Clareto was acquired by Munich Re Life US in 2022, and the sale to MIB ensures continued collaboration between the companies in advancing the capabilities of EHR solutions within the insurance industry.
“The advancement of our electronic medical data solution is part of MIB’s broader strategy,” said Jas Awla, President of MIB Medical Data Solutions. “We look forward to expanding our relationships and data sources to become the industry’s one-stop shop not just for medical records, but for all types of underwriting data.”
Mary Forrest, President and CEO of Munich Re North America Life, highlighted the strategic alignment: “This collaboration with MIB will allow us to provide clients with new digital underwriting solutions that accelerate decision-making and enhance customer satisfaction.”
Brian Winikoff, President and CEO of MIB, added, “The process to obtain quality underwriting data remains fragmented and inefficient. Partnering with Munich Re enables us to offer greater access to critical medical data and services that support faster, more confident decisions.”
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