RGA & Amazon partner on FAC optimisation solution

Global life and well being reinsurer Reinsurance Group of America (RGA) has introduced the launch of its FAC Optimization solution that includes Amazon Textract, a machine studying service from Amazon Web Services (AWS).
By integrating machine studying and pure language processing know-how into the underwriting course of, RGA is trying to enhance threat choice by increase its facultative underwriting course of.
AWS additionally makes use of optical character recognition to extract textual content, handwriting, and information from scanned paperwork, which can assist to digitise and convert info right into a extra concise, simply comprehensible format to help underwriters.
“RGA has at all times been deeply dedicated to innovation, and in step with that dedication, we’re on the forefront of incorporating rising applied sciences in our underwriting operations,” stated Dave Rengachary, Senior Vice President, Head of Underwriting, U.S. Mortality Markets, RGA.
“Our FAC Optimization solution creates significant efficiencies within the underwriting course of enabling RGA to make the perfect and best gives to our shoppers, which saves them time and permits them to jot down extra enterprise.”

“RGA is utilizing AWS machine studying applied sciences to scale back friction within the underwriting course of for its shoppers,” added Tony Jacob, Global Business Development Lead for the Insurance Industry at AWS.
“RGA’s use of Amazon Textract of their FAC Optimization solution will assist make the underwriting processes extra environment friendly, however extra importantly, the solution will allow RGA to ship extra correct and well timed insurance coverage quotes and enhance the shopper expertise.”


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