#United States #MIB #Braintree, Massachusetts #Munich Re #Clareto

MIB's Strategic Acquisition of Clareto: A New Era for Life Insurance Underwriting

In a significant move set to reshape the landscape of life insurance, MIB Group Holdings, Inc. has announced the acquisition of Clareto, a leading provider of electronic health records (EHR) in the life insurance sector. This strategic partnership with Munich Re Life US aims to boost the efficiency and accuracy of underwriting processes through enhanced access to electronic medical data and innovative data analytics solutions. This collaboration promises to revolutionize how life insurance companies handle underwriting while ensuring rapid data retrieval and assessment.

Unifying Forces for Innovation

MIB, recognized as the most reliable partner for data-driven insights and services in the life insurance industry, is joining forces with Munich Re Life US, a prominent player in risk assessment and reinsurance. Their alliance aims to significantly accelerate the adoption of electronic medical data in life insurance underwriting, addressing the critical need for improved data access and advanced analytics to automate risk assessment processes. With the acquisition of Clareto, MIB is poised to solidify its position as the market leader in a field that has long been fragmented.

The combination of MIB’s Medical Data Solutions platform with Clareto’s robust data sources aims to streamline processes, reduce inefficiencies, and enhance the overall value provided to clients. By leveraging advanced capabilities through its RiskRighter service and Munich Re's proprietary alitheia decisioning platform, the partnership is set to expand access to diverse medical records while offering more flexible summarization options to clients.

Enhancing Client Services

As part of this initiative, existing Clareto clients will gain access to various services currently available within the MIB EHR platform, such as the ability to easily transition to traditional attending physician statements (APS) when electronic health records are unavailable. This seamless integration is expected to further simplify the underwriting process, thereby promoting quicker decision-making and improved customer satisfaction for clients across the board.

Jas Awla, President of MIB Medical Data Solutions, emphasized that the enhancement of their electronic medical data solution aligns with MIB’s overarching strategy. He noted the organization’s commitment to developing strong relationships with various data sources and advancing their capabilities in the life insurance sector. This partnership not only aims to solidify MIB's status as a one-stop-shop for all types of underwriting data but also seeks to modernize the entire insurance process.

The Future of Risk Assessment

Mary Forrest, President and CEO of Munich Re North America Life, expressed confidence that the collaboration with MIB and Clareto will allow clients to transform their risk assessment methodologies through innovative tools like alitheia. This integration will support life insurance companies in transitioning to more digitalized underwriting processes, ultimately driving business growth and increasing protective value for policyholders.

Brian Winikoff, MIB’s President and CEO, also highlighted the importance of tackling the fragmented and inefficient process of obtaining quality data for underwriting. The partnership with Munich Re will enable the industry to enjoy improved access to vital medical data and supplementary services, fostering faster and more reliable decision-making.

Conclusion

As MIB Group continues to diversify its offerings and adapt to the evolving needs of life insurance providers, this strategic partnership with Munich Re Life US and the acquisition of Clareto represent a significant step toward creating a new benchmark in the quality and efficiency of underwriting processes across the industry. By combining their resources and expertise, both MIB and Munich Re are set to lead the charge in digital transformation within the life insurance landscape, facilitating better decision-making and enhancing overall customer satisfaction.