RGA has invested $12m in Israeli insurance coverage know-how firm DigitalOwl.
This infusion takes the entire funding raised by DigitalOwl to greater than $38m, marking the beginning of an unique international life and well being reinsurance partnership aimed toward integrating DigitalOwl’s know-how into RGA’s programs.
The collaboration is about to revolutionise RGA’s workflows by leveraging DigitalOwl’s AI capabilities, promising a brand new commonplace of pace, intelligence and effectivity in threat assessments.
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DigitalOwl’s LinkedIn publish described the partnership as “a fusion of experience and know-how” that’s poised to redefine business benchmarks.
The corporate specialises in utilizing superior AI to interpret and convert medical data right into a digital underwriting summary that’s each complete and interactive.
The platform serves insurance coverage professionals by turning complicated medical knowledge into actionable insights shortly and precisely.
By 2024, DigitalOwl goals to unveil the primary insurance coverage coverage underwriting engine powered by its Generative AI engine.
These AI fashions are designed to duplicate decision-making processes, offering complete exercise reviews on the click on of a button and complying with evolving AI utilization laws.
To facilitate the event of those fashions, RGA is contributing its experience by offering seasoned actuaries, claims adjusters and authorized professionals.
RGA U.S. Particular person Life Underwriting, senior vice-president and head Dave Rengachary mentioned: “By our strategic partnership with DigitalOwl, this pursuit of excellence continues.
“Enabled by DigitalOwl know-how, we’re creating a digital answer for carriers that may automate the processing of quite a few sources of structured and unstructured knowledge and synthesise them right into a complete underwriting choice in an all-digital format.”
In January final 12 months, DigitalOwl and RGA initiated a collaborative effort to boost the underwriting course of.
DigitalOwl co-founder and CEO Yuval Man mentioned: “With purposes throughout quite a few disciplines, together with underwriting, automation, claims and in-force evaluation, DigitalOwl’s know-how addresses inefficiencies which have plagued the life insurance coverage underwriting course of for many years.
“Working carefully with RGA, we can be positioned to ship transformative options to extra shoppers and lead the digital transformation that’s wanted within the business.”
