Best’s Review Magazine Recognizes RGA for Innovation
The innovation, RGA’s “Automated Underwriting for Impaired Annuities” solution, helps insurers in the U.K. to assess applications from customers with medical conditions quickly and more accurately. This process, in turn, enables more applications to be priced appropriately and approved, leading to more business for the insurer.
By automating underwriting for impaired annuities, RGA modernized an often-cumbersome application process, and reduced application processing time to minutes, in many cases. Supported on RGA’s proprietary AURA (Automated Underwriting and Risk Analysis) electronic underwriting platform, the innovation assists organizations entering the rapidly expanding U.K. annuities market, which is currently growing at 25% annually, and allows companies without medical underwriting teams to underwrite annuities.
Robert W. MacDonald, Principal at CTW Consulting, and one of this year’s Innovation Showcase judges, said “The practical and profitable benefit from this innovation is that it can open up a significant new market for annuities.”
“RGA continues to develop new ways to help insurers better serve their customers, meet market needs and build their businesses,” said Greig Woodring, President and Chief Executive Officer, Reinsurance Group of America, Incorporated. “It is gratifying to again see one of our innovative solutions recognized in this prestigious
Best's Review Innovation Showcase is not an award; rather, it is an annual forum for recognizing forward-thinking among insurance organizations. A panel of insurance industry experts assessed the relative merits of the 41 submissions in the 2013 event. Companies from North America, Germany, China and India participated.
To read about the RGA innovation and all the others highlighted in the Showcase, click here and visit www.bestreview.com. The January digital edition will be available to all readers.
About A.M. Best
Best’s Review is published by the A.M. Best Co. for insurance professionals, including home office executives, agents and brokers. Founded in 1899, A.M. Best Co. is the world’s oldest and most authoritative insurance rating and information source.
Reinsurance Group of America, Incorporated (NYSE: RGA) is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United Kingdom, and the United States. Worldwide, RGA has approximately $2.9 trillion of life reinsurance in force and assets of $39.5 billion.