LIBRA Insurance Partners, DigitalOwl, and RGA Announce Collaboration to Revolutionize and Enhance Efficiencies in the Informals Submission Process
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The collaboration between LIBRA Insurance Partners, DigitalOwl and Reinsurance Group of America (RGA) represents a significant development in the life insurance sector, focusing on enhancing the efficiency of the underwriting process through artificial intelligence (AI). The use of AI to analyze medical records and streamline the 'informals' submission process could potentially reduce operational costs and improve the speed of service delivery for life insurance companies. This strategic partnership could lead to a competitive advantage for LIBRA by increasing their processing capacity and potentially improving their market share by offering faster and more accurate underwriting services.
This collaboration is also indicative of the broader industry trend towards digital transformation and the adoption of AI technologies. By leveraging DigitalOwl's capabilities, RGA can offer a more efficient facultative underwriting program, which could attract more firms to use their services, thus potentially increasing RGA's revenue streams. The announcement aligns with the industry's push towards optimizing big data analytics to enhance customer experience and operational efficiency.
The integration of DigitalOwl's AI technology in the underwriting process could mark a transformative change in the life insurance industry's approach to assessing risks and processing applications. By providing a concise medical summary and structured data asset, the collaboration could significantly reduce the time required for manual review of medical records, which is traditionally a bottleneck in the underwriting process. This could result in faster policy issuance and potentially lower premiums for consumers due to reduced administrative costs.
Furthermore, the partnership could set a new standard for the use of AI in the life insurance industry, potentially prompting other companies to adopt similar technologies to remain competitive. It's also worth considering the implications for data privacy and the need for robust cybersecurity measures as more sensitive medical data is processed through AI systems.
The announcement by LIBRA Insurance Partners could have positive implications for the company's financial performance. By streamlining the underwriting process, LIBRA is likely to experience enhanced operational efficiency, which can translate into cost savings and improved profit margins. Investors and stakeholders might view this collaboration as a proactive step towards embracing innovation, which could positively influence the company's stock valuation in the long-term.
Additionally, the strategic focus on proprietary tools such as QuoteShop and the exclusive facultative underwriting program with RGA suggests that LIBRA is aiming to secure a unique position in the market. This differentiation strategy, if successful, could lead to an increase in market share and strengthen the company's financial stability. However, the actual impact on the company's bottom line will depend on the seamless integration of the technology and the market's response to the enhanced services.
As an extension to the industry's first and only direct distribution-reinsurer facultative reinsurance program, LIBRA firms will submit informal applications to RGA and in return receive a facultative offer, a highly concise DigitalOwl medical summary, and an underlying structured data asset, all managed by RGA.
"We are thrilled to announce this underwriting collaboration which provides transformative efficiencies to what is historically one of the least efficient steps in the life insurance case submission process," said William (Bill) Shelow, CLU®, ChFC®, CPCU®, LLIF, President and CEO of LIBRA. "This partnership times perfectly with LIBRA's recent rollout of QuoteShop, our proprietary 'informal quote' submission platform with advanced multi-carrier capabilities, providing an efficient and expedited end-to-end solution for carriers and agents alike."
"Since LIBRA's inception, the driving philosophy behind RGA's involvement with LIBRA's facultative program is to provide a win-win solution for both its firms and our participating carrier partners," said Dave Rengachary, Senior Vice President, Head of Underwriting,
"This is just the first step in our collaboration with LIBRA and RGA," reports Yuval Man, CEO of DigitalOwl. "By leveraging the expertise of both of these industry leaders, DigitalOwl plans to use its groundbreaking generative AI capabilities to truly tailor the Digital Underwriting Abstract to the informals process, as well as completely streamline each step of the communication process between agent, carrier, and reinsurer through our leading generative text capabilities."
With a mission to be the preeminent marketing organization in the country, LIBRA Insurance Partners offers agency partners greater operating efficiencies, enhanced technological capabilities, and an expanded lineup of affiliated carriers and reinsurers. Specifically, LIBRA is focused on adding value to its partners and driving quality business to its carriers, guided by three strategic pillars:
1. Differentiate resources and experiences for our partner agencies:
- Proprietary processing tools and platforms for quick quotes and informals
- Exclusive access to a dedicated medical director
- Proprietary product analysis, white papers, and benchmarking tools
- Invitations to exclusive training resources and events
- Best practices and idea sharing at all meetings
2. Deliver proprietary programs, processes, and products to differentiate our partners:
- Partner-owned and producer-accessible reinsurance company (RGA)
3. Exclusive facultative underwriting program with RGA Create uniquely aligned, strategic relationships with carriers
- Carrier SLA/Throughput tool
- Exclusive compensation programs
For more information, visit www.LIBRAIP.com.
About LIBRA Insurance Partners (LIBRA)
LIBRA Insurance Partners is an insurance marketing organization dedicated to serving independent insurance producers, brokers, and financial institutions. Formerly known as LifeMark Partners and BRAMCO Financial Resources, and through the merger with Insurance Designers of America (IDA) in 2022, the firm exists to leverage strategic relationships, expertise, and innovation to expand life insurance distribution for the benefit of all stakeholders. LIBRA Insurance Partners is dedicated to the ongoing development and enhancement of resources to differentiate partner agencies from the competition. Its firms benefit from robust proprietary service offerings, unparalleled partnership, product expertise, and access to industry-leading technologies and tools, including expansive underwriting support resources. To learn more about becoming a LIBRA partner firm, visit www.LIBRAInsurancePartners.com or call (410) 837-3022.
About DigitalOwl
DigitalOwl is an InsurTech platform empowering insurance professionals to transform complex medical data into actionable insights with unprecedented speed and accuracy. The suite of innovative products allows users to 'View', 'Triage', 'Connect', and 'Chat' with their medical data — addressing the diverse needs of the insurance industry. The company has introduced the first and only machine-learning platform that interprets medical records and assists underwriters and claim adjusters in their work. Backed by a Medical Knowledge Base, the platform has a deep understanding of the medical text, creating a focused set of medical data points in a robust, meaningfully summarized format. Data is arranged chronologically, allowing the user to search and filter information by medical condition, date, body system, and more. The complete history is contained within a few pages rather than hundreds, allowing clients to speed up their medical records review process and free up their talented resources to focus more time on critical activities. For more information about DigitalOwl, visit www.digitalowl.com. Follow DigitalOwl on LinkedIn.
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
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SOURCE LIBRA Insurance Partners
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