Gen Re and CME Strive To Fully Digitize Life Insurance Onboarding
DUBAI, UAE, March 14, 2024 /PRNewswire/ -- Global reinsurance leader Gen Re and multinational technology firm CME have been working together to bring forth a state-of-the-art, fully digital underwriting solution for the life insurance industry for the MENA and East Mediterranean countries.
Together, the two companies are an enticing prospect, with Gen Re boasting a $15.8 billion capital base and $11.5 billion in net premiums, and CME's 40-year track record in serving and supporting iconic brands and Fortune 500 companies.
The collaboration between these two companies has resulted in developing a software application designed specifically for primary insurers, which was recently featured at the prestigious 34th General Conference of the General Arab Insurance Federation GAIF 2024.
This advanced tool conducts a thorough analysis of an applicant's health, lifestyle, and occupation, integrating cutting-edge Insurtech tools, including AI, to generate rapid health insights, and PPG technology with advanced algorithms for analyzing vital signs and remote health parameters. By adopting such an inclusive, tech-forward approach, insurers can ensure precise risk profiling and, subsequently, tailor policy premiums more effectively.
The benefits extend beyond simplified policy issuance as the system provides new opportunities for both insurers and brokers to explore diverse channels. As possibilities expand, a new era of growth and accessibility takes shape, making life insurance more widely accessible and beneficial in an unprecedented manner.
Alongside the comprehensive software offerings, the integration of wearables and a gamified behavioral rewards system offers insurers deeper insights into policyholders' lifestyles. In this case, gamification helps encourage a healthier lifestyle and implement preventive health measures, maintaining engagement beyond the initial underwriting phase.
Insurers can integrate the new software module into their existing systems or use it as a standalone application. The end result is that users will experience a smoother, more rewarding experience along with enhanced communication and document management options.
The efforts of Gen Re and CME mark a sizable step forward in the modernization 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.
About Gen Re
Gen Re delivers reinsurance solutions to the Life/Health and Property/Casualty insurance industries. We work closely with our clients to understand their strategic and operational goals, offering a wide range of products, tools and resources that aim to promote our clients' ongoing growth and success. Gen Re is a member of the Berkshire Hathaway family of companies and has earned superior financial strength ratings from each of the major rating agencies. We take our commitments very seriously. With $15.8 billion in capital and $11,5 billion in premiums, we only make promises we can keep.
About CME www.gotocme.com
We are a multinational company offering premium technology services and solutions. We have helped 100+ global clients, including renowned Fortune 500 companies, become leaders in their fields. Our end-to-end solutions and comprehensive services cover Enterprise Application Services, Data & Analytics, User Experience, Artificial Intelligence, the Internet of Things, DevOps and Cybersecurity. With a skilled team across 8 locations, we have delivered 300+ innovative and impactful projects, contributing to 8 US Patents and serving 80 million users daily.
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