Global life and health reinsurer Reinsurance Group of America (RGA) has announced the launch of its FAC Optimization solution featuring Amazon Textract, a machine learning service from Amazon Web Services (AWS).
By integrating machine learning and natural language processing technology into the underwriting process, RGA is looking to improve risk selection by augment its facultative underwriting process.
AWS also uses optical character recognition to extract text, handwriting, and data from scanned documents, which will help to digitise and convert information 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,” added 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.”