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RGA Launches FAC Optimization Solution Powered by Amazon Textract
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Reinsurance Group of America (NYSE: RGA) has launched its FAC Optimization solution, utilizing Amazon Textract to enhance its underwriting processes. This integration of machine learning and optical character recognition (OCR) aims to improve efficiency and accuracy in risk assessment, supporting RGA’s leadership in facultative reinsurance. Senior Vice President Dave Rengachary emphasized innovation as key to delivering competitive offers. AWS's Tony Jacob noted the technology's role in streamlining processes and improving customer experience. RGA manages approximately $3.5 trillion in life reinsurance.
Positive
Launch of FAC Optimization solution signals innovation in underwriting.
Integration of machine learning and OCR enhances risk selection.
Improved efficiency potentially leads to faster and more competitive offers.
Negative
None.
ST. LOUIS--(BUSINESS WIRE)--
Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life and health reinsurer, today announced the launch of its FAC Optimization solution featuring Amazon Textract, a machine learning service from Amazon Web Services (AWS) that uses optical character recognition (OCR) to extract text, handwriting, and data from scanned documents. By integrating machine learning, state-of-the-art OCR, and natural language processing (NLP) technology into the underwriting process, RGA is continuing to find ways to innovate underwriting and risk selection by augmenting its already industry-leading facultative underwriting process.
RGA is the worldwide leader in facultative reinsurance, or individual large-case underwriting and substandard risk assessment. Now through the addition of OCR, a form of AI that can find patterns and images, and NLP, which can mine text for sequences of words, information can be digitized and converted into a more concise, easily understandable format to assist underwriters.
“RGA has always been deeply committed to innovation, and in line with that commitment, we are at the forefront of incorporating emerging technologies in our underwriting operations,” said Dave Rengachary, Senior Vice President, Head of Underwriting, U.S. Mortality Markets, RGA. “Our FAC Optimization solution creates meaningful efficiencies in the underwriting process enabling RGA to make the best and most competitive offers to our clients, which saves them time and allows them to write more business.”
“RGA is using AWS machine learning technologies to reduce friction in the underwriting process for its clients,” said Tony Jacob, Global Business Development Lead for the Insurance Industry at AWS. “RGA’s use of Amazon Textract in their FAC Optimization solution will help make the underwriting processes more efficient, but more importantly, the solution will enable RGA to deliver more accurate and timely insurance quotes and improve the customer experience."
To learn more about RGA’s industry-leading underwriting services, including new solutions and technology like FAC Optimization, contact the RGA Client & Marketing Services Team.
About RGA
Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, approximately $3.5 trillion of life reinsurance in force and assets of $91.4 billion as of September 30, 2021. Founded in 1973, RGA is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri, and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the company’s website at www.rgare.com.
Jeff Hopson Senior Vice President, Investor Relations
636-736-2068
jhopson@rgare.com
Source: Reinsurance Group of America, Incorporated
FAQ
What is the FAC Optimization solution launched by RGA?
The FAC Optimization solution utilizes Amazon Textract to improve underwriting efficiency and accuracy by integrating machine learning and optical character recognition.
How does RGA's new solution impact its underwriting process?
The solution enhances the underwriting process by digitizing information and allowing RGA to deliver more accurate and timely insurance quotes.
What are the financial metrics associated with RGA?
As of September 30, 2021, RGA manages approximately $3.5 trillion in life reinsurance and has assets totaling $91.4 billion.
How does RGA's innovation affect client offerings?
The innovation enables RGA to provide more competitive offers to clients, saving them time and allowing for increased business writing.
