What:
Reinsurance Group of America announced the launch of its FAC Optimization solution featuring Amazon Textract.
Why:
RGA is continuing to find ways to innovate underwriting and risk selection by augmenting its facultative underwriting process.
How:
- RGA uses Amazon Textract in their FAC Optimization solution to make underwriting more efficient, deliver more accurate and timely insurance quotes, and improve the customer experience
- Amazon Textract is a machine learning service from Amazon Web Services (AWS) that uses optical character recognition (OCR) to extract text, handwriting, and data from scanned documents.
- RGA uses AWS machine learning technologies to reduce friction in the underwriting process for its clients.
- By integrating machine learning, OCR, and natural language processing (NLP) technology into the underwriting process, information can be digitized and converted into a concise, easily understandable format to assist underwriters.