Life and Health Reinsurer Invests $12M in Israeli Insurtech Firm

A US life and health reinsurer has invested $12 million in Israeli insurtech startup DigitalOwl, which uses AI to interpret and transform medical records into interactive digital documents. 

The investment by the Reinsurance Group of America (RGA) will be used to integrate the Tel Aviv-based company’s technology as a core part of its internal underwriting operations. 

DigitalOwl’s platform, which was introduced in 2023, helps insurance companies to increase the speed and efficiency of medical document analysis. 

The platform addresses the issues with current analysis – a slow process that requires trained professionals to manually check each case. 

The technology automatically reads, summarizes and analyzes medical records for insurance companies and lawyers. This is meant to reduce costs and time and minimize errors for companies while still following regulations. 

The $12 million means DigitalOwl has raised more than $38 million in funding since its inception in 2017.

“Our technology already addresses the inefficiencies that have plagued life insurance underwriting for decades,” said DigitalOwl CEO Yuval Man.

“Now, closely collaborating with RGA, we aim to drive the necessary digital transformation in the industry. We strongly believe in collaborations with leading organizations in our target market.”

DigitalOwl is also planning to launch an AI-based insurance policy underwriting engine this year, which will reproduce decision making by organizations.