MIB, a provider of data-driven insights for the life insurance industry, has has acquired Clareto, a source of electronic health records, from Munich Re Life US.
The acquisition forms part of a strategic partnership between MIB and Munich Re Life US, aimed at expanding access to electronic medical data and developing advanced data analytics for automated risk assessment in life insurance underwriting.
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The partnership, operating under MIB EHR, will combine MIB’s Medical Data Solutions platform with Clareto’s data network to create a new solution for electronic health record (EHR) and medical data retrieval.
This integration will offer clients access to a broader range of data sources and flexible data summarisation options, incorporating capabilities from MIB’s RiskRighter, known for its data summarisation services, and Munich Re’s alitheia, a risk assessment and decisioning platform.
MIB acquired RiskRighter last year.
MIB Medical Data Solutions president Jas Awla said: “The advancement of our electronic medical data solution is part of MIB’s broader strategy. 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.
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By GlobalData“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.”
Additionally, Clareto’s client base can now use “reflexive services” such as the automatic transition to an attending physician statement (APS) from the MIB EHR platform.
Munich Re North America Life CEO and president Mary Forrest stated: “Through our collaboration with Clareto we have developed a deep understanding of electronic medical data positioning us to help our clients transform their risk assessment through market-leading tools like alitheia.
“This collaboration with MIB will allow us to provide our clients with an entire set of new solutions to assist them in digitalising their underwriting processes and delivering value across the insurance value chain.”
