RGA Reinsurance Company, a subsidiary
Reinsurance Group of America Inc.
) has announced a strategic partnership with Synodex - a
subsidiary of Innodata Inc. (INOD). Per the agreement Reinsurance
Group will use Synodex's data computing to assess life insurance
risk and investigate claims.
Innodata is a provider of outsourced services to the
publishing and information services industry through its content
services division, and a solution provider to the insurance
industry through its Synodex division.
On the other hand, Synodex extracts and classifies data from
unstructured medical records for insurance underwriting and
serves as a connecting platform between life insurance brokers
and agents, and place applications.
Synodex utilizes a proprietary platform to transform medical
data from health records into concise, highly-structured
human-readable reports as well as computer-readable XML data. RGA
Reinsurance Company can use Synodex reports to support
underwriter decision-making and can use Synodex XML data to power
By using Innodata's services, Reinsurance Group will be able
to make accurate decisions, have greater control over the
underwriting process and superior claims investigation. This will
result in writing more business through improved operational
efficiency and by saving on underwriting time.
Innodata's plans to provide products with add-on features
using Synodex APS Extract data are also on the cards. Along with
Synodex's data and RGA's Rx automated scoring system, this
product will provide risk score to drug prescription issued. This
scoring will enable the company's underwriter to efficiently
assess an applicant's Rx history, so that his or her underwriting
risk can be properly and quickly evaluated.
This move by Reinsurance Group to use automated underwriting
should directly help its bottom-line results by improving
workflow, discipline and consistency, reducing expenses enabling
prompt response to agents' demands and better handling of
In April last year, Synodex signed a two-year service contract
with a Fortune 1000 life insurance company. We expect other life
insurers to opt for the automated underwriting process given the
clear benefits of using it.
Reinsurance Group of America carries a Zacks Rank #3 (Hold).
Some better-ranked life insurers worth considering include
China Life Insurance Co. Ltd.
Lincoln National Corp.
). All these sport a Zacks Rank #2 (Buy).
CHINA LIFE INS (LFC): Free Stock Analysis
LINCOLN NATL-IN (LNC): Free Stock Analysis
PRIMERICA INC (PRI): Free Stock Analysis
REINSURANCE GRP (RGA): Free Stock Analysis
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