DigitalOwl Gets $12M Boost to Transform Insurance with Advanced AI

DigitalOwl Gets $12M Boost to Transform Insurance with Advanced AI

DigitalOwl, an innovative insurance technology company with offices in Tel Aviv, Israel, and New York City, has successfully raised $12 million in funding, with the investment coming from RGA. This recent funding round brings DigitalOwl’s total funding to an impressive $38 million since its inception.

The investment is strategic, aligning with a broader global partnership within the life and health insurance sector. DigitalOwl’s advanced AI-driven platform is set to become an integral component of RGA’s internal underwriting operations.

Founded and led by CEO Yuval Man and CTO Amit Man, DigitalOwl specializes in transforming medical records into comprehensive and interactive digital underwriting abstracts. The company’s platform offers insurance companies a solution to expedite medical document analysis and case summarization, significantly improving speed and efficiency.

DigitalOwl’s technology employs artificial intelligence and natural language processing (NLP) to automatically analyze medical documents. In 2023, the company introduced a groundbreaking solution based on a Generative AI model, specifically tailored for insurance-based medical case analysis. This model, independently developed and refined over two years, generates case summaries, documents, and medical events in a free-flowing language, capturing essential nuances crucial for decision-making.

Looking ahead to 2024, DigitalOwl has ambitious plans to launch an insurance policy underwriting engine, leveraging its self-developed Generative AI engine. These AI models emulate decision-making processes for both organizations and policyholders, providing detailed reports on activities with a simple click. The company aims to ensure compliance with evolving AI usage regulations. To facilitate the development of this solution, RGA will contribute experienced actuaries, claims adjusters, and legal experts to the collaborative effort.

With a current workforce of 70 individuals spread across Israel and the United States, DigitalOwl continues to spearhead advancements in insurance technology. The recent funding injection will play a pivotal role in furthering the company’s mission to revolutionize the insurance industry through cutting-edge AI solutions.

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