MIB Group, a supplier of data-driven danger administration and digital companies for the life insurance coverage business, has introduced the acquisition of underwriting companies firm RiskRighter.
Massachusetts, US-based MIB is buying RiskRighter from Crump Life Insurance coverage Companies for an undisclosed sum.
This transfer is about to broaden MIB’s portfolio of underwriting companies and improve its medical information options platform.
RiskRighter specialises in enhancing historically inefficient elements of the underwriting course of.
It employs medically educated underwriters to assemble and overview info, which assists in assessing mortality and morbidity dangers.
The corporate’s companies assist numerous phases of the insurance coverage course of together with casual inquiries, fast quotes, formal purposes and in-force coverage evaluations.
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MIB expects the acquisition to streamline consumer workflows, enhance responsiveness and scale back utility cycle instances.
RiskRighter’s medical file summaries are mentioned to consolidate crucial information right into a format that permits underwriters to make faster and extra correct choices.
It claims to have produced greater than 350,000 summaries yearly for purchasers together with 15 main life insurance coverage carriers and greater than 50 brokerage common company and underwriting companies purchasers.
MIB chief working officer Andrea Caruso mentioned: “MIB is happy so as to add RiskRighter’s capabilities to our Medical Knowledge Options portfolio. RiskRighter’s means to supply dependable medical file summaries and different companies which have been verified by underwriting consultants will broaden our providing of reliable underwriter options.
“RiskRighter’s merchandise complement and improve our Digital Medical Knowledge Companies, offering expanded capabilities that assist the overview, structuring and evaluation of medical information. MIB is dedicated to increasing RiskRighter’s capabilities by powering them with further know-how, whereas sustaining the top quality that their purchasers depend on.”
Crump Life Insurance coverage Companies president Mike Martini mentioned: “MIB is a pure match to assist RiskRighter’s purchasers and broaden RiskRighter’s attain inside the life insurance coverage business. We began the RiskRighter enterprise in 2006 and totally anticipate to stay a consumer as MIB takes this platform to a different degree.”
The acquisition follows MIB’s April 2022 settlement to buy APEXA from Reinsurance Group of America.
APEXA is a Canadian contracting and compliance service supplier that enhances visibility and effectivity within the contracting and compliance course of by way of a unified digital interface.
