Global reinsurance company Gen Re has teamed up with multinational technology services provider CME to provide MENA and East Mediterranean countries with a fully digital underwriting solution for the life insurance industry.
The partnership between the two companies has led to the creation of a software application tailored specifically for primary insurers.
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This tool can carry out comprehensive analyses of health, lifestyles and occupations of the applicants. It incorporates insurtech tools such as AI to swiftly generate detailed health assessments.
Additionally, the digital underwriting tool utilises PPG (photoplethysmography) technology alongside advanced algorithms to analyse vital signs and remote health parameters.
This allows insurers to achieve accurate risk profiling and efficiently customise policy premiums.
Furthermore, the system opens up new opportunities for insurers and brokers to explore various channels, fostering growth and making life insurance more accessible.
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By GlobalDataThe software’s integration of wearables and a gamified behavioural rewards system provides insurers with deeper insights into policyholders’ lifestyles.
Insurers have the flexibility to incorporate this new software module into their existing systems or deploy it as a stand-alone application.
In a press statement, CME said: “The efforts of Gen Re and CME mark a sizable step forward in the modernisation of the insurance industry, as the new user-focused innovative solution is set to completely redefine the user experience of interacting with life insurance products.”
Gen Re is engaged in providing reinsurance solutions to the life/health and property and casualty insurance sectors.
