Gen Re introduces new digital solution for life insurance market.

March 22, 2024
1 min read




Gen Re unveils digital underwriting solution for life industry | Insurance Business New Zealand

TLDR:

  • Gen Re partners with multinational tech firm to launch digital underwriting solution for life sector in MENA and East Mediterranean regions
  • New software application leverages AI, PPG technology, and sophisticated algorithms to analyze vital signs and remote health parameters for risk assessment

Gen Re has partnered with a multinational tech firm to launch a digital underwriting solution for the life sector across the MENA and East Mediterranean regions. The reinsurer has joined CME to develop a software application tailored for primary insurers which leverages advanced insurtech tools, including artificial intelligence (AI) and photoplethysmography (PPG) technology, coupled with sophisticated algorithms to analyze vital signs and remote health parameters. The program then analyzes applicants’ health, lifestyle, and occupation, enabling insurers to assess risk and adjust policy premiums accordingly. The incorporation of wearable technology and a gamified behavioral rewards system into the software also allows insurers to gain deeper insight into policyholders’ habits. The software can be seamlessly integrated into existing infrastructure of insurers or operated as an independent application. The digital underwriting tool not only streamlines the policy issuance process but also opens up new avenues for insurers and brokers to access various distribution channels, heralding a new phase of growth and accessibility in the life insurance industry.

Key Points:

  • Life & health (L&H) reinsurance market poised for growth, expecting to exceed $225.7 billion by 2028
  • Rise in chronic diseases and disabilities driving growth, highlighting the need for digitalization in the industry

The new initiative from Gen Re comes as the life & health (L&H) reinsurance market poises itself for growth, expecting to exceed a major milestone by 2028. A study revealed that the segment is projected to grow to $225.7 billion by 2028, advancing at a compound annual growth rate of 5.2%. Driving this growth is the rise in chronic diseases and disabilities, an avenue which would benefit from further digitalization in the industry.


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