This investment aligns with a global partnership in the life and health insurance sector, integrating DigitalOwl’s technology as a core component into RGA’s internal underwriting operations
DigitalOwl, an insurance technology company that utilizes advanced AI to interpret and transform medical records into a comprehensive and interactive digital underwriting abstract, announced a $12M investment from Reinsurance Group of America, Incorporated (RGA), a leading global life and health reinsurer. In addition to a strategic partnership to integrate DigitalOwl’s technology into RGA’s systems through a long-term global partnership, further aiding platform development. This capital raise brings DigitalOwl’s total funding to over $38M since its inception.
DigitalOwl’s platform enables insurance companies to enhance the speed and efficiency of medical document analysis and case summarization. Presently, professionals with complex training manually review tens of millions of medical cases for insurance companies, making critical underwriting and claims decisions. The volume and complexity of these cases necessitate slow and meticulous review of each page, taking hours or even days dealing with cases spanning hundreds to thousands of pages. DigitalOwl’s technology addresses this issue through automated reading, summarization, and analysis of medical records for insurance companies and lawyers, providing real-time, highly accurate assistance in their underwriting, claims settlement, and fraud prevention processes. This saves insurance companies a significant amount of cost, reduces time, and minimizes errors, ensuring compliance with regulations.
DigitalOwl’s solution automatically analyzes medical documents using artificial intelligence and natural language processing (NLP). In 2023, the company introduced a new solution to its clients based on a Generative AI model specifically designed for insurance-based medical case analysis, independently developed and trained over the past two years. This solution generates case summaries, documents, and medical events in an unrestricted language, capturing all nuances necessary for decision-making. Compared to previous technologies limited to medical codes (entity extraction), which teams found challenging to rely on, the new solution extracts context. For instance, it differentiates between “depression” due to the loss of a close family member and “depression” due to a chemical imbalance in the brain. With Gen AI and the ability to generate summaries in an unrestricted language, including the reason behind the depression in decision-making sentences becomes possible.
In 2024, DigitalOwl plans to launch the industry’s first insurance policy underwriting engine based on its self-developed Generative AI engine. The AI models mirror decision-making processes for organizations and policyholders, allowing for a detailed report on their activities with a click, aligning with evolving AI usage regulations. To train these models and develop the solution, RGA will provide experienced actuaries, claims adjusters, and legal experts to engage in the development process.
Yuval Man, CEO of DigitalOwl: “The strategic investment and global partnership stems from a 500% growth we experienced in the life insurance field last year. Our technology already addresses the inefficiencies that have plagued life insurance underwriting for decades. Now, closely collaborating with RGA, we aim to drive the necessary digital transformation in the industry. We strongly believe in collaborations with leading organizations in our target market.”
Founded in 2018 by two brothers, Yuval Man, the company’s CEO, and Amit Man, the CTO specializing in artificial intelligence, DigitalOwl, an Insurtech company, currently employs 70 individuals in Israel and the United States. The investment will facilitate recruiting new employees and expanding its workforce.
Credit: DigitalOwl
