RGAX, a subsidiary of life and health reinsurer RGA, has launched a new cloud-based underwriting engine called UWPal.
The Software as a Service (SaaS) engine is designed to allow a firm’s underwriting rules to be regularly and efficiently optimised to improve performance and incorporate the latest medical insights.
UWPal leverages Pandora, the digital platform of fintech solutions developer OPAL IS.
Pandora is used by several global banks and insurer brands and is currently the only end-to-end protection platform to offer access to UWPal in the UK and Ireland.
“At RGAX, we have the privilege of working with many exciting start-ups and digital distributors across the globe,” said Jonathan Hughes, Managing Director, RGAX LLC (EMEA).
“We have found that many of them want to tap into complementary digital underwriting services so that they can focus on their core proposition.
“That’s why we built UWPal, a ‘plug and play’ underwriting solution for the digital age. The integration with OPAL’s platform further enhances the proposition and opens up exciting opportunities to serve our partners.”
By utilizing UWPal, Pandora platform users can experiment with faster, go-to-market products without the need for in-house underwriting or significant IT resource capacity.
The UWPal customer interface is easily branded and can be tailored to fit within existing product sets.
Eoin Lyons, OPAL Group CEO, added, “We are the only end-to-end protection platform to give our users access to UWPal at launch, offering them a competitive advantage.
“Pandora already allows providers to distribute their products at scale across a range of digital channels, including intermediary CRMs, aggregators and price comparison sites and D2C channels. Our integration with UWPal means Pandora continues to lead the market.”
