Munich Re Life US and Clareto introduce new solution
Munich Re Life US and Clareto announced a new digital solution, Automated EHR Summarizer, which provides an “intelligent and intuitive” synopsis of electronic health record data in two formats: an easy-to-use human-readable html report and structured digital data for use in rules, models and analytics.
Automated EHR Summarizer applies AI and natural language processing techniques to extract and structure EHR data for digital consumption in formats relevant to both automated and programmatic life insurance underwriting. The solution delivers only the data that underwriters need for “accurate decisioning.”
Life insurers using the solution will be able to source data from Clareto’s EHR+ network, which currently covers over 240 million patients in 50 states and is continually expanding. In 2022, Munich Re announced an agreement to acquire Clareto.
“Automated EHR Summarizer helps life insurance carriers further align with customer expectations by enabling fast and accurate decision-making. This product leverages our leadership in risk assessment, technical expertise in data analytics—including artificial intelligence and natural language processing techniques–and access to an unparalleled EHR network to push the boundaries of digital transformation in the industry. Our team is investing in the future of the life insurance industry by using traditional and emerging data sources, AI and machine learning algorithms to develop solutions that increase capacity and accuracy and ultimately can help bridge the insurance gap. We will expand this product to include model scores and full risk class assessments based on EHR data points via alitheia, our instant decisioning platform.” – June Quah, Vice President, Integrated Analytics, Munich Re North America Life.
“We believe this product will accelerate the adoption of EHRs and further streamline underwriting, benefiting both customers and carriers. With EHRs replacing more onerous and costly data sources, and Automated EHR Summarizer simplifying their use, we are bridging the gap between access to digital medical records and their practical use in the industry.” – Dave Dorans, CEO of Clareto.
