RGA has invested $12m in Israeli insurance technology company DigitalOwl.
This infusion takes the total funding raised by DigitalOwl to more than $38m, marking the start of an exclusive global life and health reinsurance partnership aimed at integrating DigitalOwl’s technology into RGA’s systems.
The collaboration is set to revolutionise RGA’s workflows by leveraging DigitalOwl’s AI capabilities, promising a new standard of speed, intelligence and efficiency in risk assessments.
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DigitalOwl’s LinkedIn post described the partnership as “a fusion of expertise and technology” that is poised to redefine industry benchmarks.
The company specialises in using advanced AI to interpret and convert medical records into a digital underwriting abstract that is both comprehensive and interactive.
The platform serves insurance professionals by turning complex medical data into actionable insights quickly and accurately.
By 2024, DigitalOwl aims to unveil the first insurance policy underwriting engine powered by its Generative AI engine.
These AI models are designed to replicate decision-making processes, providing comprehensive activity reports at the click of a button and complying with evolving AI usage regulations.
To facilitate the development of these models, RGA is contributing its expertise by providing seasoned actuaries, claims adjusters and legal professionals.
RGA U.S. Individual Life Underwriting, senior vice-president and head Dave Rengachary said: “Through our strategic partnership with DigitalOwl, this pursuit of excellence continues.
“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 synthesise them into a comprehensive underwriting decision in an all-digital format.”
In January last year, DigitalOwl and RGA initiated a collaborative effort to enhance the underwriting process.
DigitalOwl co-founder and CEO Yuval Man said: “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.
“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.”