MIB Group, a leading provider of data-driven solutions for the life insurance industry, has acquired Clareto, a medical record retrieval company, from Munich Re Life US.
This acquisition marks a key step in MIB’s strategy to expand its capabilities in electronic health records (EHR) adoption for life insurance underwriting, according to InsurTech Insights.
It also signals a broader partnership between MIB and Munich Re to improve data access and analytics, paving the way for more automated and streamlined risk assessments.
The value of the deal has not been disclosed, but the acquisition will integrate Clareto’s expertise into MIB’s existing EHR platform, combining it with MIB’s Medical Data Solutions.
As part of the integration, the new platform will allow clients to access a wider array of medical data sources. It will also provide new summarisation options that enhance the underwriting process.
“The advancement of our electronic medical data solution is part of MIB’s broader strategy,” said Jas Awla, President of MIB Medical Data Solutions. “We look forward to expanding our relationships and data sources to become the industry’s one-stop shop not just for medical records, but for all types of underwriting data.”
Mary Forrest, President and CEO of Munich Re North America Life, highlighted the strategic alignment: “This collaboration with MIB will allow us to provide clients with new digital underwriting solutions that accelerate decision-making and enhance customer satisfaction.”
Brian Winikoff, President and CEO of MIB, added, “The process to obtain quality underwriting data remains fragmented and inefficient. Partnering with Munich Re enables us to offer greater access to critical medical data and services that support faster, more confident decisions.”
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