Munich Re has entered into a definitive agreement to acquire Clareto, a health information exchange that provides 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 it said will revolutionise the life insurance underwriting process.
Munich Re said its acquisition of Clareto will accelerate life insurers’ utilisation 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.
Marc Costantini, president and CEO, corporate development, strategy and digital solutions, Munich Re North America Life & Health, said, “With this acquisition, Munich Re will provide our life insurer clients with an entire set of new solutions to assist them in digitising their underwriting processes – driving quicker decisions, delivering greater customer satisfaction and enabling new business growth.
“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.”
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