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.

Latest from Blog

Your Daily InsurTech Briefing – 2024-02-21

Let’s see what’s in the news today. Sure launches innovative offering to liberate insurance industry from legacy vendors Sure, a leading insurance technology provider, has unveiled its latest innovation that liberates carriers,

Tech insurance careers: where AI meets opportunity.

TLDR: Sedgwick Insurance claims administration is offering early career professionals stability, innovation, and impact. Role-based automation leveraging AI tools is transforming the insurance industry. Sedgwick Insurance claims administration has become a desirable

Your Daily InsurTech Briefing – 2024-02-20

Let’s see what’s in the news today. Pekin Insurance implements Guidewire Cloud to power core business Pekin Insurance, an Illinois-based multi-state property and casualty (P&C) insurer, has announced that it has implemented

Customer experience is crucial for InsurTech success.

TLDR: InsurTechs need to focus on customer experience to attract and retain clients. Technology, automation, simplicity, and personalization are key elements in enhancing customer experience. In today’s business landscape, customer experience (CX)