RGAX

Propelled by advances in technology, data analytics, and new ways of thinking, RGAX partnered with innovators inside and outside the insurance industry in 2019 to help close the global insurance coverage gap, improve consumer engagement, and make insurance an integral part of people’s lives.

RGAX Lines of Business

RGAX Data Analytics and Digital Distribution
RGAX Consumer Engagement and Insurance Services
Stephanie Bahr and Patrick Garrett
From left, from RGAX: Stephanie Bahr, Executive Director, Global Operations; Patrick Garrett, Vice President, Digital Distribution Lead.

Client Focus Creates Solutions for Today and Tomorrow

Following a transformational year of strategic acquisitions and organizational realignment in 2018, RGAX applied shared expertise and capabilities in 2019 to strengthen core services, expand existing programs, and launch strategic new initiatives. A dedicated focus on client needs – both immediate and emerging – drove business activity and collaboration across markets and business lines.

RGAX’s portfolio of insurance services companies produced a strong year – entering new markets, adding new clients, and increasing revenues. Officially announced in 2020, TAI (Tindall Associates, Inc.), the U.S. market leader in reinsurance software and consulting services, expanded into South Africa and the U.K., where the TAI platform launched its first longevity reinsurance administration system. SALT Associates, a U.S. claims management consulting firm, experienced significant business growth and worked to expand internationally as well.

Through recommitments and new client additions in multiple markets, AURA® (Automated Underwriting and Risk Analysis®), a SaaS (software as a service) based underwriting decision management platform, increased revenues by 45% compared to 2018 to establish a new record high. The recently re-architected platform combines RGA’s expertise in underwriting and predictive analytics with advanced functionality and a user-friendly interface to deliver a powerful multivariate risk assessment tool and a bridge to the future of underwriting.

In its first full year of operation, the Global Emerging Solutions team advanced the work of RGAX across the globe in key focus areas. Team members responded to growing demand for solutions in eldercare, wellness, and other challenging areas and worked to incorporate new technologies, such as artificial intelligence (AI) and distributed ledger technology (blockchain), into the insurance ecosystem. The team also collaborated with RGA colleagues enterprise-wide to prepare for the future of insurance, exploring new ideas in fields such as genetics and anticipating the needs of tomorrow’s insurance customer.

Together, RGA and RGAX leadership established the Global Product Portfolio Management team in 2019, bringing together product and technology expertise from within and outside of the insurance industry. The team rolled out a global product framework across the RGA enterprise to create a common approach to innovation exploration and to scale product development. This strategic alignment enhanced global connectivity, enabling RGA to innovate and launch scalable solutions faster and more successfully with partners and clients.

Miguel Ceron and Karen McLeod
From left, from LOGiQ3 Corp: Miguel Ceron, Business Development Manager; Karen McLeod, Senior Underwriter and Learning Specialist.

RGAX Americas Strengthens Innovation Capabilities

RGAX Americas continued to strengthen and align its extensive portfolio of companies and capabilities to better serve clients at every step in the insurance value chain. With an increased need for outsourced underwriting services, for example, RGAX subsidiaries LOGiQ3 Corp in Canada and Elite Sales Processing (ESP) in the U.S. leveraged shared expertise and best practices to help clients supplement their underwriting staffs. Business units throughout RGAX – ESP, AURA, Greenhouse Life Insurance Company (an innovation accelerator), and others – collaborated with RGA reinsurance experts to provide a carrier partner with an end-to-end automated term life product targeting younger consumers.

RGAX innovations were launched throughout the region in 2019, from a digitally delivered final expense whole life product to blockchain-enabled smart contracts for processing long-term care reinsurance transactions. Meanwhile, established initiatives achieved new milestones. APEXA, a centralized online solution to simplify, automate, and standardize advisor contracting and compliance, became the mandatory platform for processing advisor contracts throughout the Canadian market. APEXA also earned the gold award for Business & Operating Model Transformation at the 2019 Efma-Accenture North America Innovation in Insurance Awards. RGAX partner Everplans, a digital legacy planning service, added multiple new carrier clients seeking to improve consumer engagement and took steps to expand outside the U.S.

Charlie Mathews, Arthur Ozeki, Sandi Hubert, and Ming Chen
From left: Charlie Mathews, Director, Market Development, RGAX Asia Pacific; Arthur Ozeki, Chief Executive Officer, RGA Japan and Senior Vice President, China Market and RGAX Asia Pacific; Sandi Hubert, Senior Vice President, Chief Operating Officer, RGAX; Ming Chen, Head of RGAX China.

EMEA and Asia Pacific Teams Embrace the Future

RGAX EMEA engaged clients and partners throughout the region in 2019 to identify gaps in the insurance ecosystem and develop creative solutions to address them. RGAX’s unique position as an innovation engine within a leading reinsurer enabled access to companies’ senior leadership and facilitated meaningful collaboration among insurers, distribution companies, and tech startups.

The EMEA team advanced a range of forward-thinking initiatives throughout the year, helping accelerate the digitization of the industry. An app-led, gamified group life insurance platform launched with tech partner yulife in 2018 gained traction among users throughout 2019 and earned an industry innovation award. UnderwritingPal applied behavioral science and AURA technology to deliver an optimized, mobile-friendly user experience and lower costs for small- to mid-sized policies. Working with RGA reinsurance colleagues, RGAX helped a U.K. insurer leverage a digital life insurance platform to double their local sales by entering a new channel, and also enabled that carrier’s retail partner to launch a new direct-to-consumer product.

In the Asia Pacific region, RGAX collaborated with RGA colleagues, insurtech partners, and carrier clients to strengthen the insurance ecosystem and modernize the insurance customer journey. An RGAX partner in China launched an online health insurance product developed and reinsured by RGA that provides an all-digital interaction with a focus on consumer education. In Japan, RGAX worked with a Silicon Valley startup to apply optical character recognition technology to digitize that country’s backlog of tens of millions of paper health checks. A range of ongoing initiatives throughout the region, from digital distribution in Southeast Asia to AI-powered underwriting in India, moved forward in 2019, and RGAX took the lead in bringing new ideas to insurance, such as cryptographic technology that enables secure authentication of sensitive data. RGAX also became a co-founder of the AsiaPac InsurTech Lab (APIL), a cooperative focused on advancing innovation in the region’s insurance industry.