ST. LOUIS, March 12, 2014 – RGA Reinsurance Company (RGA) recently attained its 50th client for Automated Underwriting and Risk Analysis® (AURA®), RGA’s proprietary rules-based global electronic underwriting solution.
AURA, first introduced to the U.S. market in 2001, was originally developed and marketed as a tool to speed and simplify the underwriting of life insurance. Since then, AURA has expanded into a global multi-function solution that provides straight-through e-underwriting and management for more than three million life, health and annuity applications annually.
The current AURA suite, available either hosted or as an on-site installation, supports life, disability income, critical illness, waiver of premium (WOP), accelerated death benefit (ADB), annuities, cancer, and hospital cash products. The rules engine that powers AURA is currently available in 10 languages (Cantonese, English, French, Italian, Korean, Japanese, Mandarin, Polish, Spanish and Turkish). Rules sets are currently implemented in 15 countries, and AURA’s reflexive framework of underwriting rules enables users to enhance their call centers, provide e-application capability, and deliver near-instantaneous decisions with a high degree of consistency.
AURA innovations have also been recognized multiple times by the Best’s Review Innovation Showcase, an annual forum which recognizes forward thinking among insurance organizations. RGA’s AURA-powered ASAPSM(Automatic Selection and Assessment Program), which enables near-instantaneous facultative quotes for cases with up to two covered impairments, was cited as a groundbreaking innovation by the inaugural Innovation Showcase in 2012. In 2014, this forum again honored RGA for its first-to-market AURA rules set supporting the underwriting of impaired annuities for the U.K. market.
“We approach each AURA implementation as a partnership,” said Patti Treis, Vice President and General Manager, AURA Technologies, RGA. “The highly experienced and client-focused associates on our AURA team help clients develop solutions that meet their needs and leverage market trends.”
From the simplest to the most complex underwriting and marketing needs, AURA’s e-underwriting tools and solutions keeps clients competitive by providing leading-edge technology packaged in easy-to-use formats and interfaces. For more information, please contact Paul Okeefe, Assistant Vice President, Business Development e-Solutions, AURA Technologies, RGA (email@example.com).
RGA’s AURA e-underwriting solution leverages more than 40 years of underwriting experience by providing complete rules sets in multiple languages that are integrated into a flexible, comprehensive technology package. AURA improves time and cost associated with processing insurance applications while providing consistent risk management. It can be used in a traditional life insurance setting, in banks and call centers, and can be accessed by underwriters, agents, brokers, call center representatives and consumers.
RGA Reinsurance Company is the principal operating subsidiary of Reinsurance Group of America, Incorporated (NYSE: RGA). 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 $39.7 billion.