MIB, a provider of data-focused services for the life insurance sector, is acquiring Clareto from Munich Re Life US, a subsidiary of Munich Re.
Clareto supplies electronic health records for life insurance underwriting. This acquisition supports broader efforts to expand the use of electronic medical data in underwriting by improving access to information and advancing analytics.
The combined capabilities of MIB’s Medical Data Solutions platform and Clareto will create a single point of access to a wider network of electronic medical records.
MIB stated that this move positions the partnership as a market leader in a field currently marked by fragmented data retrieval processes.
Clients will benefit from access to more data sources and new features for summarising information. This includes elements from RiskRighter, an MIB-owned business, and Alitheia, Munich Re’s risk assessment platform.
Clareto clients will also gain access to MIB EHR platform services, including automatic fallback to traditional attending physician statements when electronic records are unavailable.
Mary Forrest, President and CEO of Munich Re North America Life, said the firm’s work with Clareto has strengthened its understanding of electronic medical data.
She noted that the collaboration with MIB will extend the range of tools available to clients, allowing them to improve risk assessment and accelerate decision-making in underwriting.
We look forward to expanding our relationships and data sources to advance our capabilities as the life insurance industry’s one-stop-shop, not just for medical records, but for all types of data needed for underwriting.
Mary Forrest, President and CEO of Munich Re North America Life
Jas Awla, President of MIB Medical Data Solutions, said the acquisition fits into MIB’s strategy of expanding access to various data types needed in underwriting. He emphasised the goal of creating a single access point for underwriting data, not just medical records.
“In addition, we are also excited to align with Munich Re for broad data analytic capabilities tied to electronic health records to streamline underwriting processes for our members.”
The partnership, offered via MIB EHR, will provide seamless access to electronic medical data and enhanced overall value to clients by combining the data networks available through MIB’s Medical Data Solutions platform and Clareto to create a clear market leader amidst a fractured landscape for EHR and medical data retrieval.
Brian Winikoff, President and CEO of MIB, added that underwriting processes still suffer from limited and inefficient access to quality data. He said the partnership with Munich Re would help address those issues by increasing access to essential information and streamlining decision-making for insurers.
The process to obtain quality data for underwriting remains highly fragmented, inefficient and time-consuming.
“We are excited to partner with Munich Re to provide the industry with increased access to critical medical data and value-added services that will enable faster, more efficient and confident decision making.”
