DigitalOwl, an Israeli insurtech startup, has offered an innovative platform that automates the reading, summarization, and analysis of medical records. This technology serves as a critical tool for insurance companies and legal professionals, streamlining their underwriting, claims settlement, and fraud prevention efforts with unparalleled accuracy and efficiency in real-time.
DigitalOwl announced a $12 million investment from the Reinsurance Group of America (RGA).
This funding round not only injects valuable capital into DigitalOwl but also cements a strategic alliance aimed at incorporating DigitalOwl’s cutting-edge technology into RGA’s operational framework.
With this latest investment, DigitalOwl’s total funding escalates to more than $38 million, reflecting the industry’s confidence in its revolutionary solution since its establishment.
The core of DigitalOwl’s offering lies in its capacity to dramatically enhance the speed and precision with which insurance entities can process and analyze medical documentation.
Traditionally, this domain has been dominated by highly trained professionals who painstakingly review vast quantities of medical cases manually, a process fraught with inefficiencies due to the sheer volume and complexity of the data.
These professionals are often tasked with navigating through extensive medical histories, a labor-intensive endeavor that can extend over days, particularly for files spanning hundreds or even thousands of pages.
DigitalOwl’s solution, powered by sophisticated artificial intelligence (AI), directly addresses these challenges by automating the analysis of medical records, thereby aiding in the swift and accurate execution of underwriting decisions, claims settlements, and fraud detection.
Established in 2018 by Yuval and Amit Man, serving as CEO and CTO respectively, DigitalOwl has since grown to employ a dedicated team of 70 professionals across Israel and the United States.
The company’s technology leverages artificial intelligence and natural language processing (NLP) to meticulously dissect medical documents.
A notable advancement in 2023 saw DigitalOwl unveil a groundbreaking solution powered by a Generative AI model. This model, which was meticulously developed and refined over two years, is tailored specifically for the nuanced analysis required in insurance-related medical case evaluations.
It is capable of generating detailed summaries and documenting medical events using unrestricted language, thereby ensuring that all critical information is captured for informed decision-making.
CEO Yuval Man attributes the company’s 500% growth in the life insurance sector last year to the strategic investment and global partnership with RGA. He expresses confidence that DigitalOwl’s technology is poised to rectify longstanding inefficiencies in life insurance underwriting.
The collaboration with RGA is seen as a step towards catalyzing the digital transformation that the insurance industry urgently needs.
Yuval Man emphasized the value of partnering with leading entities in the market, underscoring the belief that such collaborations are instrumental in driving forward the company’s mission and the broader industry’s evolution.
DigitalOwl’s innovative approach to automating medical record analysis represents a significant leap forward for the insurance sector.
Through its strategic partnership with RGA and the infusion of fresh capital, DigitalOwl is well-positioned to lead the charge towards a more efficient, accurate, and digitally advanced insurance industry, highlighting the transformative potential of AI and NLP technologies in tackling complex industry challenges.
In 2022, DigitalOwl, announced a $20 million Series A round led by New York-based global private equity and venture capital firm Insight Partners, with participation from existing investors Ibex Investors and Fusion VC.
The round follows the company’s $6.5 million Seed announcement in February 2021.
Tens of millions of medical records every year are manually reviewed by highly trained professionals at insurance companies in order to make important decisions for their companies and customers.
The sheer volume and complexity of information requires a slow and methodical review of every page, often taking days at a time. DigitalOwl addresses this issue by reading, summarizing, and analyzing medical records for insurance and legal companies to help them better combat fraud, underwrite new plans, execute claims, and build strong legal cases.
by Peter Sonner