RGA & DigitalOwl form underwriting tech partnership
Global life and health reinsurer, Reinsurance Group of America (RGA), and AI-focussed medical insurtech, DigitalOwl, have announced a collaborative partnership designed to support and streamline the underwriting process.
DigitalOwl offers an innovative technology solution for analysing and summarising medical records for the insurance industry.
The firm’s Digital Underwriting Abstract (DUA) includes more than 50 Key Impairment Analyses (KIA) that groups all essential information for each impairment into a comprehensive summary.
DigitalOwl suggests that its partnership with RGA will make the KIA for each condition even more valuable to underwriters and claims professionals, as the key data points will now be fully aligned with underwriting manuals, such as RGA’s Global Underwriting Manual (GUM).
Jennifer Richards, VP of Life Insurance at DigitalOwl, commented, “DigitalOwl’s mission is to support underwriters and claims analysts by using technology to help them be both more efficient and more accurate in their decisions.
“Our partnership with RGA will take our product to the next level by ensuring we’re extracting and presenting exactly the data points required for accurate decisions. There really is no other product quite like ours in the market.”
DigitalOwl is launching Version 4.0 of the DUA in this month, which will include several significant enhancements.
Dave Rengachary, Senior Vice President, Head of Underwriting, U.S. Mortality Markets, RGA, said, “RGA is deeply committed to the advancement of digitization and automation to expedite the utilization of EMRs and other digital underwriting data and non-digital assets.
“DigitalOwl’s ability to digitize both EMR data and traditional APSs is a giant leap forward in this quest. We are excited to partner with our clients to leverage this tool to gain new efficiencies and underwriting insights.”
Maria Beaulieu, Vice President, Digital Underwriting Transformation, Strategic Underwriting Initiatives at RGA, added, “RGA has dedicated many years to understanding the complex landscape of digital health data.
“This knowledge and experience uniquely positions us to work with partners to further refine their products to satisfy the underwriting use case and to deliver to the market a long-awaited digital solution.”
Meanwhile, in other RGA news, the firm recently revealed that Tony Cheng has taken over as President from Anna Manning, who will remain as CEO until her retirement at the end of 2023, with Cheng assuming the CEO role from January 1st, 2024.