Munich Re Life US Enters Into a Definitive Agreement to Acquire Clareto, a Health Information Exchange That Provides Record Retrieval Services to the Life Insurance Industry – Business Wire
NEW YORK–(BUSINESS WIRE)–Munich Re Life US (Munich Re) today announced that it has entered into a definitive agreement to acquire MedVirginia, Inc. d/b/a 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 electronic health record (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.”
“The union of Munich Re and Clareto is a natural fit,” said Dave Dorans, CEO, of Clareto. “As the availability of EHR data grows, we see a significant opportunity to combine Munich Re’s capital strength and risk expertise, and Clareto’s access to health data to provide the life insurance industry with a comprehensive all-in-one solution. We look forward to leveraging our collective capabilities to drive innovation and power progress in the modernization of life insurance underwriting.”
Clareto will continue to be led by Dorans and Clareto’s Chief Operating Officer, Steve Leighty. There are no changes expected to Clareto’s operating model, personnel, service model or standards.
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.
About Munich Re Life US
As one of the leading life reinsurers in the United States, Munich Re Life US partners with insurers to leverage smart and connected data, embrace new ideas and technologies, make confident decisions at speed and scale, and gain an exponential understanding of underlying risks. Munich Re Life US is well known in the industry as an innovation leader with extensive technical depth. Its optimized solutions and capital management expertise expand beyond market leading offerings in individual life, group, individual disability and living benefits reinsurance, to a global center for predictive analytics, automated underwriting, digital partnerships and standard-setting underwriting and medical capabilities. Munich Re Life US believes the digital economy offers an unprecedented opportunity for the life insurance industry to rapidly advance risk assessment and close the widening global underinsured gap.
Munich Re Life US, incorporated as Munich American Reassurance Company, is a subsidiary of Münchener Rückversicherungs- Gesellschaft Aktiengesellschaft in München (“Munich Re”). It has high ratings for financial strength from A.M. Best Company and Standards & Poors. Munich Re Life US serves clients throughout the United States from its two locations in New York and Atlanta.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
