MIB acquires Clareto
MIB Group, a provider of data solutions for life insurers, is forming a partnership with Munich Re Life US to accelerate the adoption of electronic medical data across life insurance underwriting through improved data access and the development of advanced data analytics capabilities to enable automated risk assessment. As part of this initiative, MIB is acquiring medical record retrieval company Clareto from Munich Re Life US.
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.”
Clients of the combined platform will benefit from expanded access to records through additional data sources and flexible options for data summarization, leveraging capabilities from RiskRighter, an MIB business known for its quality data summarization services and alitheia, Munich Re’s rapid risk assessment and decisioning platform. Additionally, Clareto clients will gain access to reflexive services currently offered within the MIB EHR platform, such as auto-pivoting to a traditional attending physician statement (APS) when an electronic health record is not available.
Munich Re Life US acquired Clareto in 2022.
“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. 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.” – Jas Awla, President, MIB Medical Data Solutions.
“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 digitalizing their underwriting processes and delivering value across the insurance value chain. The result will drive quicker decisions and greater customer satisfaction that enables both new business growth and improved protective value.” – Mary Forrest, President and CEO, Munich Re North America Life.
“MIB continues to grow and diversify our portfolio of solutions to address the emerging needs of our members and the life insurance industry. 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.” – Brian Winikoff, President and CEO at MIB.
