DigitalOwl, an insurance technology company, has partnered with life and health reinsurer Reinsurance Group of America Incorporated (RGA) to strengthen and streamline the underwriting process.
Founded in 1973, Reinsurance Group of America, Incorporated specialises in life and health reinsurance and financial solutions that help clients effectively manage risk and optimise capital.
DigitalOwl has developed a machine learning platform that interprets medical records and assists underwriters and claim adjusters in their work.
A deep understanding of the medical text creates a focused set of medical data points in a robust, meaningfully summarised format. Data is arranged chronologically, allowing the user to search and filter information by medical condition, date, body system and more.
Further, Digital Owl explained that 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.
According to DigitalOwl, the partnership with RGA will make the Key Impairment Analysis (KIA) for each condition even more valuable to underwriters and claims professionals because the key data points will now be 100% aligned with underwriting manuals, such as RGA’s Global Underwriting Manual (GUM).
Additionally, DigitalOwl will expand its structured data file to include each of these data points, delivering a more efficient ingestion process for rules engines and for clients to utilise for mortality and morbidity analysis of inforce blocks.
Jennifer Richards, VP life insurance at DigitalOwl, said, “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.”
Earlier this month, CoverEase, a digital insurance broker, partnered with life insurer Ethos to bolster its digital life insurance offering.
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