Risk Solutions

A trusted partner for facultative underwriting, actuarial expertise, and product development capabilities, RGA remained a global leader in mortality risk management in 2023, ending the year with $3.7 trillion in life reinsurance in force. RGA’s comprehensive portfolio of mortality reinsurance products includes individual and group-issued term life, whole life, universal life, and joint and last survivor life, among other coverages developed to meet market needs.

In 2023, RGA prioritized its data operating model, data governance, technology, and new generative AI applications to modernize processes and empower people. The new framework harnesses the power of data and analytics to increase productivity and derive data-driven insights.

RGA’s underwriting teams reviewed approximately 225,000 facultative cases worldwide. The RGA Global Underwriting Manual (GUM) was accessed by more than 650 companies, and GUM’s Precision Calculator returned more than 715,000 results. The RGA Precision Calculator considers interactions between various medical risk factors and improves underwriting outcome competitiveness while maximizing underwriting efficiency and decision consistency.

Aura Next, RGA’s automated underwriting decision management platform, continued its expansion by serving new clients across six markets in 2023. In EMEA, RGA introduced Aura UWPal to small-to-medium-sized insurers and distributors throughout the region. The mobile-first solution utilizes RGA’s underwriting expertise, behavioral science, and business intelligence to support direct-to-consumer sales.

RGA’s claims teams provided quality and timely decisions consistent with RGA’s global claims philosophy. Users of the RGA Global Claims Manual/Guide viewed more than 30,000 pages of content, including best practice guides, medical information and definitions, and knowledge checks across an array of benefit types.

TAI (Tindall Associates Inc.), an RGA subsidiary and reinsurance administration software and services provider, spent the year preparing market launches across Asia and Australia to build on an existing customer base in North America, the U.K., and South Africa. TAI is committed to integrating cutting-edge technology with reinsurance expertise and is on a trajectory to become the reinsurance administration standard around the globe.

In 2023, RGA’s group reinsurance services provided comprehensive solutions in life, disability, healthcare, and other coverages. The Group Re team collaborated with a group insurer in New Zealand to develop a flexible employee insurance offering that enables individuals to change their level of cover (life, income, and trauma) with streamlined underwriting as they move through various life stages. In South Africa, leveraging the strength of a group insurer client and a digital distribution partner, RGA helped launch a suite of group products, opening a new market segment for the insurer.

Within disability insurance, RGA’s behavioral science team studied the challenge of collecting information related to a claimant’s occupational duties as part of the disability claims journey. The research uncovered behavioral science-backed enhancements to claims forms, improving not only the quality of the information received but also the experience of claimants and assessors.

To capitalize on growth in the U.S. healthcare reinsurance marketplace, RGA explored emerging product development opportunities. The U.S. Group Re team continued to enhance its Group RiskDimensions® offering to deliver powerful pricing and underwriting insights to group insurers.

RGA’s ROSE® Consulting Group, a reinsurance-based cost and medical management consulting program, worked closely with clients and brokers to address challenges brought by new therapies, including gene therapy and specialty drugs. The team utilized clients’ claims data to identify excessive claims payments and generate cost savings for clients and RGA. The ROSE team also shared thought leadership on timely healthcare topics via webinars, informative newsletters, presentations at national conferences, and one-on-one consultations throughout the year.

RGA expanded its health and medical footprint globally through value-added services and specialist health expertise covering multiple disciplines. These efforts fueled improvements across the insurance value chain, including enhancements in product development, underwriting, actuarial assessment, data and analytics, and claims management.

In 2023, RGA expanded on its existing suite of health reinsurance products that include cash plans, comprehensive medical coverage, employer self-funded solutions, and international private medical insurance (PMI) and via its health experts developed innovative solutions tailored to the senior demographic, introduced new mental health coverages, and integrated lifestyle factors into the assessment of medical expenses, providing a more nuanced approach to healthcare management.

RGA’s experienced physicians and medical experts supported underwriting, claims, product development, and pricing decisions throughout the year, while delivering insights to clients via conference presentations and thought leadership content. Topics ranged from climate change’s health implications and the impact of AI on insurance to substance use disorder and new approaches to critical illness coverage.

In response to an evolving healthcare landscape, RGA produced guidance materials for clients that delve into the financial implications of emerging medical technologies, such as gene therapies, pharmaceuticals, and experimental treatments. The resulting insights equipped clients to navigate the complexities of modern healthcare expenditures more effectively.