BALTIMORE, Feb. 7, 2024
/PRNewswire/ -- LIBRA Insurance Partners, the largest
independently owned life insurance marketing organization (IMO) in
the U.S., today announced a groundbreaking underwriting
collaboration with DigitalOwl, the industry leader in applying
artificial intelligence to medical record analysis, and Reinsurance
Group of America, Incorporated (RGA), the only global reinsurer
solely focused on life and health reinsurance solutions. Dedicated
specifically to addressing inefficiencies in the informals
submission process, this collaboration will utilize DigitalOwl
technology via RGA's facultative underwriting program.
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, U.S. Individual Life, RGA. "Our
exclusive life and health partnership with DigitalOwl
streamlines LIBRA's underwriting operations, relieving the
financial and human strain of manual review. RGA's use of
DigitalOwl technology provides efficient processing and analyzing
of vast volumes of medical records, from both conventional and
electronic health records (EHRs) and aligns them with the
application data and real-time underwriting requirements."
"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 $3.7
trillion of life reinsurance in force and assets of
$97.6 billion as of December 31, 2023. 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.
MEDIA CONTACT
AdvisorPR
Alana Kohl & Jill Schofield
702-685-7450
PR@AdvisorPR.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/libra-insurance-partners-digitalowl-and-rga-announce-collaboration-to-revolutionize-and-enhance-efficiencies-in-the-informals-submission-process-302055737.html
SOURCE LIBRA Insurance Partners