Forget everything you know about insurance product innovation: a partnership with RGA鈥檚 Strategic Growth 国标麻豆视频APP team uniquely combines expertise from seasoned RGA experts, relationships spanning the most significant external partners and insurtechs, and a relentless focus on your success. Regardless of the growth target or pain point, the RGA Strategic Growth 国标麻豆视频APP team provides thought leadership and delivers solutions. We begin with developing a deep understanding of the specific need and continue through implementation, testing, and achievement of pre-established key performance indicators.
We share your risk through reinsurance, so we鈥檙e truly in this together.
We tap into our extensive network of third-party organizations to add specialized expertise and solutions needed for each custom solution.
Every innovator claims to create customer-centric solutions; ours actually are, and we can prove it. We take the time to understand your unique challenges and goals, and partner to bring the best ideas to life.
BetterLife drives growth and refines its customer experience and underwriting approach.
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Vice President
Head of Strategic Growth 国标麻豆视频APP
Vice President
Business Initiatives
Strategic Growth 国标麻豆视频APP
Vice President
Business Initiatives
Strategic Growth 国标麻豆视频APP, RGA
国标麻豆视频APP recent multifaceted collaboration with a fraternal life carrier showcases how leveraging the right reinsurer's wide-ranging capabilities 鈥 from product development to customer experience improvements 鈥 can empower even smaller insurers to rapidly expand into lucrative new markets.
Julius Caeser is often credited with coining the phrase 鈥淓xperience is the best teacher.鈥 Closer to our time, John C. Maxwell 鈥 noted author, speaker, and pastor 鈥 expanded on Caeser鈥檚 point to say that the only way to learn from experience is to take the time to reflect on it.
Reflecting on the outcomes of RGA鈥檚 recent partnership with a fraternal life carrier offers lessons in how finding the right reinsurance partner can ease an insurer鈥檚 entry into new lines of business. This example highlights how an insurer can leverage a reinsurer鈥檚 expertise and resources to grow in ways not otherwise possible. It also serves as a valuable case study of the kind of holistic solutions that can be achieved through a multi-layered collaboration.
The carrier initiated the search for a reinsurance partner through a consultant to help refine its customer experience, modernize its approach to underwriting, and drive growth. The company sought a long-term partner that would be willing to work with a smaller insurer on a broad range of strategic initiatives, including:
RGA saw this project as an opportunity to serve the specific needs of one client while learning more about providing holistic solutions for insurers of all sizes.
RGA鈥檚 Strategic Growth 国标麻豆视频APP team guided the process and continues to closely collaborate on accelerating the momentum to achieve all the carrier鈥檚 goals. The team is specially designed to identify and provide the right people, partners, and technology from not only inside RGA but also across its vast network of vetted vendors. Its mission adapts to each specific client. With the carrier, the mission was to create a comprehensive solution that would allow the company to:
As with all first-time partnerships, especially one tackling a project of such wide scope, bumps appeared along the journey to success. Each side learned numerous lessons that will make this collaboration stronger going forward and smooth the process for future RGA partnerships. Those lessons include:
One of the biggest challenges to the launch of the RGA solutions was ensuring alignment across the carrier. Some questions insurers should ask themselves before starting such an initiative are if the timing is right, if company leadership is aligned, and if there is buy-in among all stakeholders, including distributors. Such a partnership is often a big change, and alignment is crucial.
The right reinsurance partner will have a deep reservoir of third-party partner companies to employ for dedicated services. The carrier leveraged a wide range of RGA expertise, capabilities, and partnerships to refine their term product offering and other services. RGA performed an analysis of their existing product, application, and process before suggesting a number of refinements to help align with the carrier鈥檚 objectives. RGA also helped the carrier execute those refinements. RGA worked with their vendors and evidence providers to ensure that underwriting evidence and business processes aligned with expectations. The carrier also connected its workbench to RGA to help facilitate seamless underwriting support while they pursued their growth plans.
Holistic partnerships are complex for both parties. The solutions they generate touch multiple departments in both organizations and can involve regulators. Insurers should be prepared for the long haul and remain deliberate and thoughtful in proceeding. Unforeseen factors will surface that each side in the partnership was not aware of, especially in a new relationship.
No one knows an insurer鈥檚 business and market like the insurer itself. Nothing should be assumed when communicating local knowledge with reinsurers. For example, RGA was unaware of the difficulties the carrier was having in signing up labs within their rural markets. This rendered RGA鈥檚 initially proposed term-life solutions, which required blood draws, impractical and slowed the development of what ended up being the final, more workable proposal.
The solutions RGA and the carrier set in motion in late 2023 have produced definitive results and promise greater growth ahead. Through the partnership, the two teams were able to:
Julius Caesar was right; experience is the best teacher. RGA鈥檚 experience with the carrier has taught both organizations many valuable lessons, the most important of which is that a holistic partnership between an insurer and a reinsurer requires commitment, resources, and time, but the rewards make it well worth the effort.
RGA experts are eager to engage with clients to better understand and tackle the industry's most pressing challenges together. Contact us to learn more about 国标麻豆视频APP capabilities, resources, and solutions.
