DigitalOwl, a startup developing a platform used by insurance companies for in-depth analysis and summarization of medical cases, has raised $12 million in a strategic investment from RGA, one of the world’s largest reinsurers specializing in life and health insurance. RGA will integrate DigitalOwl’s technology into its core underwriting systems as part of a long-term global partnership, aiding the continued development of the platform.
This deal brings the total capital raised by the company to over $38 million since its inception. Previous investors include Insight Partners, Fusion, Ibex Investors, Amnon Shashua, and Menorah Mivtachim.
DigitalOwl’s platform allows insurance companies to enhance the speed and efficiency of analyzing medical documents and summarizing cases. Currently, professionals manually review tens of millions of medical cases for insurance companies. The volume and complexity of the material require a slow and meticulous review process. DigitalOwl’s technology solves this problem by automatically reading, summarizing, and analyzing medical records for insurance companies and lawyers, in real time and with maximum accuracy, to assist in underwriting, claim settlement, and fraud prevention. This saves insurance companies a significant budget and time-consuming process prone to many errors.
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 proprietary Generative AI model for analyzing medical cases from an insurance perspective, developed and trained independently over the past two years. This allows the company to produce summaries of cases, documents, and medical events in free language, not limited to medical codes alone, and includes all the nuances required for decision-making.
Previous Gen AI technologies in the market, limited to medical codes (entity extraction), make it difficult for teams to rely on them. For example, the data “depression” is extracted for the decision-maker without a significant difference between depression due to the loss of a family member and depression due to a chemical disorder in the brain. With Gen AI and the ability to generate free language summaries, a sentence can be created that includes the cause of the depression for decision-making.
The AI models developed by the company reflect the decision-making process for organizations and insured parties, allowing for a detailed report on their activities at the push of a button. RGA will allocate underwriters, claims adjusters, and actuaries to participate in the development process of the models and the solution.
Yuval Man, CEO of DigitalOwl: “The strategic investment and global partnership were signed against the backdrop of a 500% growth in the life insurance sector last year. Today, the technology we have developed provides a solution to the inefficiency that has plagued the life insurance underwriting process for decades. Now, with the close work with RGA, we will continue to develop solutions that will lead the necessary digital transformation in the industry. We strongly believe in collaborations with leading organizations in our target market. This was also our approach at the beginning when Menorah Mivtachim became the first investor in the company. An excellent product is composed of advanced technology, combined with professional knowledge in the field in which it operates.”
