Insurtech star DigitalOwl secures $12M backing from insurance titan RGA.

January 9, 2024
1 min read

TLDR:
– Insurtech startup DigitalOwl has raised $12 million in funding from Reinsurance Group of America (RGA).
– The funding will be used to integrate DigitalOwl’s technology into RGA’s systems and enhance the speed and efficiency of medical document analysis and case summarization.
– DigitalOwl’s platform utilizes AI to automate the reading, summarization, and analysis of medical records for insurance companies, providing real-time, highly accurate assistance in underwriting, claims settlement, and fraud prevention processes.

Insurance technology (insurtech) startup DigitalOwl has secured $12 million in investment from insurance giant Reinsurance Group of America (RGA). The funding will also see DigitalOwl’s technology integrated into RGA’s systems through a strategic partnership. The Israeli startup has developed a platform that uses advanced artificial intelligence (AI) to interpret and transform medical records into comprehensive and interactive digital underwriting abstracts. This technology enables insurance companies to enhance the speed and efficiency of medical document analysis and case summarization, providing real-time, highly accurate assistance in underwriting, claims settlement, and fraud prevention processes. DigitalOwl’s platform automates reading, summarization, and analysis of medical records, reducing the need for manual review of tens of millions of cases by professionals with complex training. The funding from RGA brings DigitalOwl’s total funding since its inception to over $38 million. The startup plans to use the investment to drive digital transformation in the insurance industry.

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