ST. LOUIS, Jan. 9, 2024 – Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life and health reinsurer, announced today a strategic investment and exclusive global life and health reinsurance partnership with DigitalOwl, an insurance technology company that utilizes advanced artificial intelligence to interpret and transform medical records into a comprehensive and interactive Digital Underwriting Abstract.
“For more than 50 years, RGA has been deeply committed to underwriting excellence as a cornerstone of our client value proposition. Through our strategic partnership with DigitalOwl, this pursuit of excellence continues,” said Dave Rengachary, Senior Vice President, Head of Underwriting, U.S. Individual Life, RGA. “Enabled by DigitalOwl technology, we are developing a digital solution for carriers that will automate the processing of numerous sources of structured and unstructured data and synthesize them into a comprehensive underwriting decision in an all-digital format. Furthermore, we will integrate DigitalOwl as a core component of our internal underwriting operations.”
"With applications across numerous disciplines, including underwriting, automation, claims, and in-force analysis, DigitalOwl’s technology addresses inefficiencies that have plagued the life insurance underwriting process for decades," said Yuval Man, Co-Founder and CEO, DigitalOwl. “Working closely with RGA, we will be positioned to deliver transformative solutions to more clients and lead the digital transformation that is needed in the industry.”
For more information about underwriting solutions from RGA, visit www.rgare.com or contact the RGA Client & Marketing Services Team.
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has approximately $3.5 trillion of life reinsurance in force and assets of $87.4 billion as of September 30, 2023. To learn more about RGA and its businesses, please visit rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.
DigitalOwl is an InsurTech platform empowering insurance professionals to transform complex medical data into actionable insights with unprecedented speed and accuracy. The suite of innovative products allows users to 'View', 'Triage', 'Connect', and 'Chat' with their medical data — addressing the diverse needs of the insurance industry. The company has introduced the first and only machine-learning platform that interprets medical records and assists underwriters and claim adjusters in their work. Backed by a Medical Knowledge Base, the platform has a deep understanding of the medical text, creating a focused set of medical data points in a robust, meaningfully summarized format. Data is arranged chronologically, allowing the user to search and filter information by medical condition, date, body system, and more. The complete history is contained within a few pages rather than hundreds, allowing clients to speed up their medical records review process and free up their talented resources to focus more time on critical activities. For more information about DigitalOwl, visit www.digitalowl.com. Follow DigitalOwl on LinkedIn.