Sovereign Chooses AURA to Automate Underwriting
Sovereign Chooses AURA From RGA Technology Partners, Inc. to Automate Underwriting
AUCKLAND, NEW ZEALAND/ST. LOUIS, MO USA, December 3, 2007 – RGA Technology Partners, Inc. a wholly-owned subsidiary of Reinsurance Group of America, Incorporated (NYSE:RGA) today announced that Sovereign Services Limited has entered into a commercial agreement with RTP to implement the AURA Product Suite in the New Zealand market.
AURA (Automated Underwriting and Risk Analysis) helps automate underwriting decisions, speeding up the time to issue a policy and improving the data gathered about an applicant. Sovereign is New Zealand’s largest life insurer and a part of the ASB Group of Companies.
“We are excited to have Sovereign join the list of companies realizing the value of automated underwriting,” said Jym Barnes, President and Chief Executive Officer, RGA Technology Partners, Inc. “Sovereign holds a well-respected place in the industry and we are pleased to be partnering with them as they continue to serve their market.”
RGA Technology Partners, Inc. (RTP) is a wholly-owned subsidiary of Reinsurance Group of America, Incorporated (RGA). RTP’s AURA solution leverages RGA's 30-plus years of underwriting experience with RGA’s underwriting rule sets integrated into the technology of RTP. AURA is designed to improve underwriting time service, manage risk consistently and reduce the costs associated with processing life insurance applications. It can be used in a traditional life insurance setting, in banks and call centers, and can be accessed by underwriters, agents, brokers and customer service representatives. For more information on RGA Technology Partners, Inc, visit www.rgatp.com.
Reinsurance Group of America, Incorporated, through its various operating subsidiaries, is among the largest global providers of life reinsurance. In addition to its U.S. operations, Reinsurance Group of America, Incorporated has subsidiary companies or offices in Australia, Barbados, Canada, China, Hong Kong, India, Ireland, Japan, Mexico, South Africa, South Korea, Spain, Taiwan, and the United Kingdom. Worldwide, the company has approximately $1.7 trillion of life reinsurance in force, and assets of $16.2 billion. MetLife, Inc. is the beneficial owner of approximately 53 percent of RGA's outstanding shares.
Sovereign has been part of New Zealanders' lifestyles since 1989, providing a comprehensive suite of life and health insurance, home loans, investment and superannuation products. As part of the ASB Group of companies, Sovereign is one of New Zealand's leading financial services providers. Our ability to identify opportunities and deliver products to meet the individual needs of our customers has positioned us as New Zealand's largest life insurer and non-bank home loan lender. People form the heart of our business. As a values based organisation, comprising close to 800 people, we play an active role in many community initiatives throughout New Zealand.