2013 Winner Profile

Reinsurance Group of America, Inc.

Project Description:
Many people seeking investments with guaranteed payouts opt for annuities, but there can be a snag. Traditional annuities are calculated to last the average lifespan of a healthy person, but customers with health risks (such as smoking, obesity or illness) that threaten to cut short their lives don't fit the average and may be entitled to higher returns. The market for these higher, impaired annuities is growing 25 percent annually, but it's a difficult market to serve because underwriting these annuities is a complex task requiring medical expertise. To meet this need, RGA introduced Automated Underwriting for Impaired Annuities, which is cloud-based software that incorporates RGA's medical expertise. It allows insurance companies without medical underwriting teams to offer the product, and has reduced a process that once took weeks to mere minutes. The software has helped RGA capture an estimated 30 percent of the $1.7 billion impaired annuities market.
Project type:
Business Intelligence, Business Process Management, Cloud Computing Services or Software as a Service (SaaS)
Business Functions:
Product Development, New Product/Market, Marketing
Business Goal:
Financial Impact
CIO:
Mark Showers, CIO
CEO:
Greig Woodring, President & CEO
Headquarters:
Chesterfield, Mo.
Industry:
Financial Services (e.g. Banking, Broker or Dealers, Exchanges)
Revenue (2012):
$9.8 billion
Website:
www.rgare.com
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