MIB Group, a provider of data-driven risk management and digital services for the life insurance industry, has announced the acquisition of underwriting services company RiskRighter.  

Massachusetts, US-based MIB is acquiring RiskRighter from Crump Life Insurance Services for an undisclosed sum. 

This move is set to expand MIB’s portfolio of underwriting services and enhance its medical data solutions platform. 

RiskRighter specialises in improving traditionally inefficient aspects of the underwriting process.  

It employs medically trained underwriters to gather and review information, which assists in assessing mortality and morbidity risks.  

The company’s services support various stages of the insurance process including informal inquiries, quick quotes, formal applications and in-force policy reviews. 

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MIB expects the acquisition to streamline client workflows, boost responsiveness and reduce application cycle times.  

RiskRighter’s medical record summaries are said to consolidate critical data into a format that enables underwriters to make quicker and more accurate decisions. 

It claims to have produced more than 350,000 summaries annually for clients including 15 major life insurance carriers and more than 50 brokerage general agency and underwriting services clients. 

MIB chief operating officer Andrea Caruso said: “MIB is excited to add RiskRighter’s capabilities to our Medical Data Solutions portfolio. RiskRighter’s ability to provide reliable medical record summaries and other services that have been verified by underwriting experts will expand our offering of dependable underwriter solutions. 

“RiskRighter’s products complement and enhance our Electronic Medical Data Services, providing expanded capabilities that support the review, structuring and assessment of medical data. MIB is committed to expanding RiskRighter’s capabilities by powering them with additional technology, while maintaining the high quality that their clients rely on.” 

Crump Life Insurance Services president Mike Martini said: “MIB is a natural fit to support RiskRighter’s clients and expand RiskRighter’s reach within the life insurance industry. We started the RiskRighter business in 2006 and fully expect to remain a client as MIB takes this platform to another level.” 

The acquisition follows MIB’s April 2022 agreement to purchase APEXA from Reinsurance Group of America.  

APEXA is a Canadian contracting and compliance service provider that enhances visibility and efficiency in the contracting and compliance process through a unified digital interface.