In line with Munich Re’s digital strategy and commitment to helping our life insurer clients grow their business intelligently, Munich Re’s acquisition of Clareto will enable Munich Re to structure EHRs for optimal use in life insurance underwriting.
NEW YORK:
Munich Re Life US (Munich Re) today announced that it has entered into a definitive agreement to acquire Clareto, one of the leading medical record retrieval companies for the life insurance industry.
Through its partnership with more than 25 health information exchanges (HIEs) and (EHR) software vendors, Clareto has widespread access to EHRs which will revolutionize the life insurance underwriting process.
Munich Re’s acquisition of Clareto will accelerate life insurers’ utilization of EHRs – the digital record of a patient’s care – as life insurers look to transform their underwriting processes and improve the applicant experience.
Clareto’s access to EHRs enables life insurers to replace traditional, manual and time-consuming methods of obtaining information regarding an applicant’s health during the insurance application process.
In line with Munich Re’s digital strategy and commitment to helping our life insurer clients grow their business intelligently, Munich Re’s acquisition of Clareto will enable Munich Re to structure EHRs for optimal use in life insurance underwriting.
Munich Re will dedicate its wealth of underwriting, medical and analytical resources to ensure that digitized health information is optimized for quick and accurate decisioning – thereby streamlining our life insurer clients’ underwriting processes and delivering a better customer experience.
Further, Clareto’s access to EHRs will enhance Munich Re’s digital underwriting solutions, alitheia and Allfinanz, making those products even more attractive to Munich Re’s life insurer clients.
“With this acquisition, Munich Re will provide our life insurer clients with an entire set of new solutions to assist them in digitizing their underwriting processes – driving quicker decisions, delivering greater customer satisfaction and enabling new business growth,” said Marc Costantini, President & CEO, Corporate Development, Strategy and Digital Solutions, Munich Re North America Life & Health.
“We look forward to leveraging our relationship with Clareto to deliver analytical insights from EHRs to enable and enhance the risk assessment processes of our life insurer clients.,” he said.
About CLARETO
Clareto partners with HIEs and other EHR data sources to facilitate the collection of electronic health information pursuant to HIPAA-compliant authorizations in support of underwriting, claims, and other business processes for the life insurance industry.