Innovation at RGA, a foundational differentiator for the company, remained a strategic priority in 2017. Alongside and in combination with innovations in traditional reinsurance and capital management, RGA developed next-generation solutions to anticipate and help define the future of the insurance industry.
From left, from Data Solutions: Derek Kueker, Vice President and Senior Actuary, RGAx Americas; Abigail Doolittle, Vice President, Advanced Analytics Marketing Science, RGAx Global; Carolyn Balfany, Vice President, Business Initiatives Lead, RGAx Global.
RGAx Americas Expands Capabilities
Change in life and health insurance continues to build momentum, propelled by advances in technology, data analytics, and an improved understanding of human behavior. The mission of RGAx, a wholly owned RGA subsidiary and global innovation accelerator, is to advance transformational capabilities and businesses in order to help people everywhere live longer, healthier, more financially secure lives. The RGAx team works collaboratively with colleagues across the RGA enterprise in order to conceive and develop new ideas and bring forward-looking solutions to market.
In 2017, RGAx professionals came together around a collective global mission while rededicating themselves to local pursuit of market-driven innovation. For RGAx Americas, one of three regional teams along with RGAx EMEA and RGAx Asia Pacific, this pursuit resulted in expanded capabilities, new and stronger partnerships, and a range of promising initiatives to deliver consumer-centric solutions and improve the insurance buying experience.
In a deal finalized in January 2018, RGAx acquired LOGiQ3 Inc., its subsidiaries, and joint venture interests, a group of companies primarily serving the North American life insurance and reinsurance industry that include:
- LOGiQ3 Corp, a reinsurance administration, underwriting, and claims outsourcing and consulting company
- TAI (Tindall Associates, Inc.), the U.S. market leader in reinsurance software and consulting services
- APEXA, a centralized online solution for advisor contracting and compliance in Canada
- Cookhouse Lab, an insurtech-focused innovation lab
The acquisition provides RGAx with an expansive new suite of technology and service offerings with which to support clients, drive innovation, and ultimately advance positive change in the industry.
RGAx also became the primary distributor of the Everplans™ platform to all U.S. life insurance carriers in 2017. Everplans is the industry-leading provider of digital tools to help people organize, store, and securely share life and legacy planning information. RGAx deployed a team dedicated to building out industry partnerships and helped multiple insurers implement Everplans as a value-added service to improve customer engagement.
Additional RGAx partnerships, investments in other companies, and original business models endeavored to bring further insurance innovation to market. As a growing number of U.S. individual life carriers implemented TransUnion’s TrueRisk® Life credit-based insurance score, RGAx professionals provided technical expertise and explored opportunities for expansion of this data-driven tool into international markets and the U.S. group space.
André Dreyer, Director, Investment Solutions, RGAx EMEA.
EMEA Innovators Embrace the Future
In its first full year under the RGAx brand, the EMEA team sought to establish brand recognition among innovators within insurance and startup ecosystems. Together with Cover magazine, RGAx EMEA launched its first annual Big Ideas Competition, inviting participants worldwide – in sectors ranging from high tech to higher education – to submit original insurance concepts for potential implementation. The program advanced the industry dialogue on innovation and positioned RGAx as a leader in driving change.
RGAx EMEA again teamed with a variety of clients and partners to develop forward-looking digital solutions to address ongoing and emerging industry challenges. With online home loan price comparison sites disrupting the traditional mortgage broker insurance sales channel, for example, RGAx partnered with a startup digital mortgage advice service to reintroduce insurance into the sales process.
To create a platform for future progress, the RGAx EMEA team expanded the scope and geographic reach of their work, pursuing a range of diverse initiatives in markets throughout the region. The team also worked to establish a life insurance vehicle that will enable testing of the validity of new ideas in market, empowering RGAx to approach clients with proven concepts and uniquely positioning RGAx EMEA as a solutions provider.
From left, from RGAx Asia: Greg Goodfliesh, Managing Director; Christopher Pile, Product Lead; Georgio Mosis, Head of Innovation Management; Raimondo Guerra, Head of Strategic Innovation.
RGAx Asia Partners for Growth
RGAx Asia further explored and developed promising new business models related to data analysis and risk assessment. As the flood of new data sources and resulting analytics continued to accelerate, the team focused on creating measurable value for clients. Initiatives to develop health scores in collaboration with insurance, tech, and medical partners opened the possibility for more precise risk classification, potentially allowing for more preferred classes in markets currently offering very few.
Change continues to build momentum in the Asia insurance industry, driven by accelerating trends in demographics, technology, and consumer behavior. As the innovation arm of a leading global reinsurer, RGAx is ideally positioned with the resources, relationships, and expertise to develop solutions at the intersection of these trends. In Japan, RGAx partnered with a machine learning/artificial intelligence company to digitize health checks and automate steps of the underwriting process. Such collaborative solutions have the potential to transform the way insurers operate and shape the future of the industry.