Reinsurance Group of America, Incorporated announced the launch of its FAC Optimization solution featuring Amazon Textract, a machine learning service from Amazon Web Services (AWS) that uses optical character recognition (OCR) to extract text, handwriting, and data from scanned documents. By integrating machine learning, OCR, and natural language processing (NLP) technology into the underwriting process, RGA is continuing to find ways to innovate underwriting and risk selection by augmenting its already facultative underwriting process. RGA is the worldwide leader in facultative reinsurance, or individual large-case underwriting and substandard risk assessment.

Now through the addition of OCR, a form of AI that can find patterns and images, and NLP, which can mine text for sequences of words, information can be digitized and converted into a more concise, easily understandable format to assist underwriters.