Framing the future of insurance

  • Carolyn Balfany

    At RGAX, we have focused on establishing a global product framework with RGA – a new way of working that ultimately helps develop, launch, and support commercially competitive products and solutions.

    Carolyn Balfany

    Vice President, Product Management Lead, RGAX

Rapidly changing consumer expectations, the accessibility and application of new data sources, and the life and health insurance industry’s constant evolution have been shaping RGA’s product strategy for years. The challenges and opportunities of 2020 have only accelerated this vital work.

At RGAX, we have focused on establishing a global product framework with RGA – a new way of working that ultimately helps develop, launch, and support commercially competitive products and solutions.

The framework is a shared set of tools and best practices that provides a clear view of our product portfolio and enables the global network to better understand the client’s needs, develop stronger client relationships, and deliver successful products to market. Collaborating to share best practices and ways of working across markets and product lines helps achieve bigger, better, and faster results. The formalized innovation processes allow us to more effectively deliver insurance solutions to customers.

This disciplined approach and strong foundation already in place positioned RGA well for the urgency that has accompanied the COVID-19 pandemic.

With consumers doing more online, user-friendly insurance automation and digitization innovations have gained traction. Examples of framework-enabled initiatives reaching the market in 2020 included bringing RGA’s prescription history mortality risk scoring tool from the individual to the group space, and re-packaging AURA’s leading technology to launch UnderwritingPal, RGAX’s plug-and-play digital underwriting solution.

As the transformation engine of RGA, RGAX builds on the organization’s legacy of continuous innovation and diverse range of expertise to explore new opportunities and build the future of life and health insurance. The framework helps teams around the globe accelerate ideation and delivery of new solutions and positions both RGA and RGAX as trusted partners in creating the next generation of insurance products.

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