Inside InsureTech; RGAx Innovation Series Explores the Digital Revolution’s Impact on the Insurance Industry
October 21 2016 - 8:45AM
Business Wire
Reinsurance Group of America, Incorporated (NYSE: RGA), a
leading global life reinsurer, will host a three-session series on
industry innovation at this year’s Society of Actuaries (SOA)
Annual Meeting. The series, scheduled for Monday October 24, is
being spearheaded by RGAx, the RGA subsidiary that is re-imagining
how life insurance can be bought and sold in today’s digital
world.
The insurance industry is often seen as slow to innovate. But
tech investors and developers outside the industry have begun to
take a keen interest in disrupting the traditional insurance model.
According to CB Insights, venture capitalists invested $740 million
in insurance technology (“InsureTech”) in 2014. One year later,
that figure jumped to $2.7 billion.
“We know that our industry is ripe for disruption, and that the
customer experience in buying life insurance is not what it could
and should be,” said Tim Rozar, Chief Executive Officer of RGAx.
“That is why we are working with a diverse community of partners to
create and develop tools, data, products and digital platforms to
scale. RGAx is excited to bring together a group of dynamic leaders
at the forefront of the InsureTech revolution to share the benefit
of their varied expertise with the leaders in our industry.”
The Innovation Series will investigate various forces driving
InsureTech. Participants will engage in an interactive exercise
exploring how unexpected forces could shift the future of the
insurance industry. They will learn firsthand from pioneering,
front-line entrepreneurs – including leading venture capitalists
and leaders of corporate innovation centers – about bringing new
InsureTech ideas to market. And they will discuss the practical
challenges of fostering a culture of innovation within an industry
that has long held fast to more traditional and predictable
business models.
The 2016 SOA Annual Meeting and Exhibit will take place the week
of October 23rd in Las Vegas. More than 2,000 actuarial
professionals from around the world are expected to attend the
event.
This is the fifth year that RGA has hosted a series dedicated
entirely to innovation in the insurance industry.
About RGAx
RGAx was formed in 2015 as a wholly owned subsidiary of RGA,
with a focus on building and accelerating transformational business
in the life insurance industry. For more information, visit us at
www.rgax.com
About RGA
Reinsurance Group of America, Incorporated is among the leading
global providers of life reinsurance and financial solutions, with
approximately $3.1 trillion of life reinsurance in force and assets
of $53.9 billion as of June 30, 2016. Founded in 1973, RGA today is
recognized for its deep technical expertise in risk and capital
management, innovative solutions, and commitment to serving its
clients. With headquarters in St. Louis, Missouri and operations in
26 countries, RGA delivers expert solutions in individual life
reinsurance, individual living benefits reinsurance, group
reinsurance, health reinsurance, facultative underwriting, product
development, and financial solutions. For more information, visit
us at www.rgare.com
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version on businesswire.com: http://www.businesswire.com/news/home/20161021005112/en/
Reinsurance Group of America, IncorporatedLynn Phillips,
636-736-2351Executive Director, Public
Relationslphillips@rgare.com
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