FastTrack and RGA Partner to Bring Digital Workflow Automation and Claims System Technology to RGA Clients

Rhea-AI Summary

FastTrack and Reinsurance Group of America (RGA) have announced a strategic partnership to provide digital life and life waiver of premium workflow automation and claims system technology to RGA clients. The collaboration combines RGA's expertise in reinsurance and claims management consulting with FastTrack's digital automation technology.

The partnership aims to drive digital transformation initiatives across the life insurance lifecycle, focusing on enhancing customer claim experiences and improving operational processes. Through this collaboration, both companies will work together to identify insurance carriers that could benefit from their joint solutions, helping them execute digital transformation strategies and achieve operational and financial improvements.

Positive

• Strategic partnership expands RGA's digital capabilities in life insurance claims processing
• Potential for operational efficiency improvements for insurance carriers
• Enhanced customer claim experience through digital transformation

Negative

• None.

BEDMINSTER, N.J., Jan. 23, 2025 /PRNewswire/ -- FastTrack, a leader in the digital automation arena for life and disability insurance carriers, is pleased to announce that it has formed a strategic partnership with Reinsurance Group of America, Incorporated (RGA) to bring its patent-pending digital life and life waiver of premium workflow automation and life claims system technology to clients and prospects.

This collaboration will leverage the strengths of both organizations, combining RGA's expertise in reinsurance and claims management consulting with FastTrack's experience in life and life waiver of premium workflow automation and life claims system technology. By aligning these complementary capabilities, the partnership aims to drive innovation, propel growth opportunities, and enhance client experiences for both organizations.

"RGA is focused on driving digital transformation initiatives that impact the entire life insurance lifecycle. This partnership enables intelligent automation capabilities across life insurance and waiver of premium product," said Senan O'Loughlin, Executive Vice President, Head of U.S. Individual Life, RGA. "FastTrack's ability to digitize both claims workflow and claim system functionality is a leap forward in this journey, and this partnership exemplifies how RGA addresses client pain points with innovative solutions tailored to their needs."

"We are excited about this strategic partnership with RGA," said Thomas Capato, CEO & Cofounder, FastTrack. "Through this collaboration, we are not only expanding our capabilities but also delivering greater value to our customers. Together, we are poised to innovate and drive growth, and we look forward to a successful partnership that will benefit all stakeholders and set new benchmarks in our industry."

RGA and FastTrack recognize the life and disability insurance vertical's keen focus on enhancing customer claim experiences combined with a continuous pursuit to improve operational processes. As part of the agreement, RGA and FastTrack will join forces in identifying insurance carriers that will benefit from the collaboration. Thereafter, both companies are committed to a joint engagement process, which will provide life and life waiver of premium insurance carriers the opportunity to execute their digital transformation strategies, realize operational and financial improvements, and provide an enriched customer claim experience. 

About FastTrack
FastTrack – a division of Kamine Technology Group (KTG) – has been a market leader in providing intelligent, automated claims management solutions and services to the Life & Disability insurance vertical since 2012. Headquartered in Bedminster, N.J., FastTrack's unique blend of smart technology and decades of insurance subject-matter expertise has secured key partnerships with many of North America's leading group and individual insurance carriers.

FastTrack's comprehensive suite of made-for-insurance Intelligent Automation Tools is revolutionizing claim management/process, freeing up mission-critical resources and vastly improving the claims journey experience for claimants, beneficiaries, employers, agents/brokers, examiners, and more. Key performance advantages include the elimination of up to 90% of manual administrative tasks, the implementation of auto-administrative and auto-adjudication pathways, the creation of data-rich digital claimant profiles that reduce risk and accelerate claim decisions by 30%-40%, and direct savings on carriers' reserves and interest expenses.

For more information, please visit: FastTrackRTW.com

About RGA
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world's largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has approximately $4.0 trillion of life reinsurance in force and assets of $120.3 billion as of September 30, 2024. To learn more about RGA and its businesses, please visit rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.

For further information, please contact:
Ellie O'Brien
FastTrack
389206@email4pr.com
908-470-2191
FastTrackRTW.com
Follow FastTrack on LinkedIn

Lizzie Curry
Executive Director, Public Relations, RGA
636-736-8521
389206@email4pr.com

View original content:https://www.prnewswire.com/news-releases/fasttrack-and-rga-partner-to-bring-digital-workflow-automation-and-claims-system-technology-to-rga-clients-302358649.html

SOURCE FastTrack

FAQ

What is the purpose of FastTrack and RGA's new strategic partnership?

The partnership aims to provide digital workflow automation and claims system technology to RGA clients, combining RGA's reinsurance expertise with FastTrack's automation technology to enhance client experiences and operational efficiency.

How will RGA's partnership with FastTrack benefit insurance carriers?

Insurance carriers will benefit from digital transformation capabilities, operational and financial improvements, and enhanced customer claim experiences through the combined expertise of both companies.

What specific technologies are included in the RGA-FastTrack partnership?

The partnership includes FastTrack's patent-pending digital life and life waiver of premium workflow automation and life claims system technology.

What areas of the insurance process will the RGA-FastTrack partnership impact?

The partnership will impact the entire life insurance lifecycle, particularly focusing on claims workflow, claim system functionality, and waiver of premium products.