Insurtech startup DigitalOwl raises $12 million from insurance giant RGA
Insurtech startup DigitalOwl raises $12 million from insurance giant RGA
The Israeli startup's platform provides automated reading, summarization, and analysis of medical records for insurance companies and lawyers, providing real-time, highly accurate assistance in their underwriting, claims settlement, and fraud prevention processes
DigitalOwl, an insurance technology company that utilizes advanced AI to interpret and transform medical records into a comprehensive and interactive digital underwriting abstract, announced on Tuesday a $12 million investment from insurance giant Reinsurance Group of America (RGA). In addition, the companies agreed to a strategic partnership to integrate DigitalOwl's technology into RGA's systems. This capital raise brings DigitalOwl's total funding to over $38 million since its inception.
DigitalOwl's platform enables insurance companies to enhance the speed and efficiency of medical document analysis and case summarization. Presently, professionals with complex training manually review tens of millions of medical cases for insurance companies, making critical underwriting and claims decisions. The volume and complexity of these cases necessitate slow and meticulous review of each page, taking hours or even days dealing with cases spanning hundreds to thousands of pages. DigitalOwl's technology addresses this issue through automated reading, summarization, and analysis of medical records for insurance companies and lawyers, providing real-time, highly accurate assistance in their underwriting, claims settlement, and fraud prevention processes.
Founded in 2018 by two brothers, Yuval Man, the company's CEO, and Amit Man, the CTO specializing in artificial intelligence, DigitalOwl currently employs 70 individuals in Israel and the United States.
DigitalOwl's solution automatically analyzes medical documents using artificial intelligence and natural language processing (NLP). In 2023, the company introduced a new solution to its clients based on a Generative AI model specifically designed for insurance-based medical case analysis, independently developed and trained over the past two years. This solution generates case summaries, documents, and medical events in an unrestricted language, capturing all nuances necessary for decision-making.
"The strategic investment and global partnership stems from a 500% growth we experienced in the life insurance field last year,” said Yuval Man, CEO of DigitalOwl. “Our technology already addresses the inefficiencies that have plagued life insurance underwriting for decades. 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."
