Munich Re Life US, a subsidiary of Munich Re, has partnered with MIB, a provider of data-driven insights and digital services for the life insurance industry, to support the adoption of electronic medical data in life insurance underwriting by enhancing data access and advancing analytics capabilities.
As part of this initiative, MIB is acquiring Clareto, a life insurance industry source of electronic health records, 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,” MIB explained.
Clients of the combined platform will reportedly gain broader access to records through additional data sources and enhanced options for data summarisation, incorporating features from RiskRighter, an MIB business, and Alitheia, Munich Re’s risk assessment 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,” MIB added.
Jas Awla, President, MIB Medical Data Solutions, commented, “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.”
Mary Forrest, President and CEO, Munich Re North America Life, said, “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. The result will drive quicker decisions and greater customer satisfaction that enables both new business growth and improved protective value.”
Brian Winikoff, President and CEO at MIB, added, “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.”
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