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Gen Re, the Berkshire Hathaway-owned global life/health reinsurer, has acquired from BioSignia the Mortality Assessment Technology (MAT) and an exclusive worldwide license for “Synthesis Analysis,” a patented statistical methodology to build prediction models. By obtaining this cutting-edge technology, Gen Re seeks to deliver highly competitive reinsurance programs for the life and health insurance markets.
MAT has been available to the individual life insurance market since 2011 and has been used by carriers to support their underwriting processes. Within the reinsurance market these technologies will be first of their kind offerings.
Gen Re’s Vice President, Chief of Decision Analytics, Guizhou Hu, M.D., Ph.D., developed MAT and was the inventor of “Synthesis Analysis” in his prior role at BioSignia. He forecasts exciting possibilities for using these proprietary tools in the life and health insurance markets. “Using the unique statistical approach – Synthesis Analysis – MAT serves to better differentiate an individual’s mortality and more confidently classify the customer’s risk profile,” says Hu.
“Our aim is to improve the profitability of our client’s business,” says Gen Re’s James Greenwood, Senior Vice President, Individual Products. “Gen Re has been long respected in the industry for our innovations in underwriting substandard and elderly risks and recently has focused much of our decision analytics work in developing our new facultative programs – PURFac and Second Look. MAT will further improve our offerings and help our customers become more competitive in the market through increased placement rates.”
© 2016 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.