How RGA Reinsurance Company Can Help You Protect Your Life and Health
Reinsurance is a way of transferring risk from one insurance company to another. It helps insurers manage their capital, diversify their portfolios, and offer more products and services to their customers. But not all reinsurers are the same. Some specialize in certain risks, while others have a global presence and a broad range of solutions. In this post, we will introduce you to one of the leading reinsurers in the world: RGA Reinsurance Company, Missouri.
What is RGA Reinsurance Company?
RGA Reinsurance Company is the US operating unit of Reinsurance Group of America, Incorporated (RGA), a holding company for a global life and health reinsurance entity based in Chesterfield, Missouri, United States.
RGA was founded in 1973 as a division of General American Life Insurance Company and became an independent company in 2008. Today, RGA has approximately $3.4 trillion of life reinsurance in force and assets of $89.1 billion as of March 31, 20231. RGA is the only international company to focus primarily on life and health-related reinsurance.
What are the benefits of working with RGA Reinsurance Company?
RGA Reinsurance Company offers a wide range of solutions for life and health insurers, including:
Life and health risk: RGA provides reinsurance for mortality, morbidity, longevity, and lapse risks, as well as living benefits such as critical illness, disability income, and long-term care. RGA also offers underwriting, claims, and data solutions to help insurers improve their risk selection and management.
Financial solutions: RGA uses reinsurance as a financial management tool to help insurers optimize their capital, enhance their profitability, and manage risk exposure. RGA offers solutions such as capital-motivated reinsurance, asset-intensive reinsurance, longevity reinsurance, structured reinsurance, and retrocession.
Product creation: RGA helps insurers develop new products and enter new markets by providing product design, pricing, distribution, and marketing support. RGA also offers bancassurance and takaful solutions for insurers who want to partner with banks or Islamic financial institutions.
RGA Reinsurance Company has a reputation for innovation, expertise, and service. It was ranked #1 on NMG Consulting’s Global All Respondent Business Capability Index (BCI) in 2017, based on feedback from insurance executives in more than 50 markets. RGA has also been named to Forbes’ “America’s 50 Most Trustworthy Financial Companies” 2014 list and the Forbes Global 2000: Best Regarded Companies list.
How can you contact RGA Reinsurance Company?
|+1 (636) 736-2068
|16600 Swingley Ridge Road Chesterfield MO 63017 USA
|Customer Service Contact
|Monday-Friday 8:00 AM – 5:00 PM (Central Time)
|+1 (636) 736-2069
You can also follow them on social media platforms such as LinkedIn, Twitter, Facebook, YouTube, and Instagram.
What are the Insurance Services Offered by RGA Reinsurance Company
RGA Reinsurance Company operates globally, specializing in delivering reinsurance solutions specifically tailored for life, health, and financial sectors, aiding clients in proficient risk and capital management. The company extends a broad spectrum of services, encompassing:
- Life Reinsurance: RGA furnishes life reinsurance solutions designed to assist insurers in handling mortality, morbidity, and longevity risks effectively.
- Living Benefits Reinsurance: RGA provides living benefits reinsurance solutions aiding insurers in managing risks related to critical illnesses, long-term care, and disabilities.
- Group Reinsurance: Offering group reinsurance solutions, RGA supports insurers in managing risks associated with group life, disability, and accidents.
- Health Reinsurance: RGA’s health reinsurance solutions support insurers in managing risks associated with medical and health-related areas.
- Financial Solutions: RGA tailors financial solutions to assist insurers in optimizing capital structures, and balancing sheets, and enhancing overall financial performance.
- Facultative Underwriting: RGA extends facultative underwriting services, enabling insurers to manage individual risk exposures.
Additionally, RGA provides bancassurance and retakaful services, along with offerings in product development, risk management, electronic underwriting, and client training services.
What are the customer experiences with RGA Reinsurance Company?
RGA Reinsurance Company values its customers and strives to provide them with the best service possible. According to Trustpilot, RGA has a rating of 4.2 out of 5 stars, based on 12 reviews.
Here are some of the positive feedbacks from the customers:
- “RGA is a great company to work with. They are very responsive, professional, and knowledgeable. They have helped us with several complex reinsurance transactions and always delivered on their promises.”
- “RGA has been our reinsurance partner for over 10 years. They have supported us in developing new products, expanding into new markets, and managing our risks. They are always available, flexible, and reliable. We highly recommend them.”
- “RGA is a leader in innovation and technology. They have provided us with valuable insights and solutions for our underwriting, claims, and data needs. They have also helped us improve our customer experience and retention.”
Of course, not all customers are satisfied with RGA Reinsurance Company.
Some of the negative feedbacks from the customers are:
- “RGA is a difficult company to deal with. They are slow, bureaucratic, and rigid. They have rejected many of our claims without valid reasons and delayed our payments.”
- “RGA is a dishonest company. They have changed their terms and conditions without notifying us and charged us hidden fees. They have also breached our confidentiality and shared our data with third parties.”
- “RGA is a mediocre company. They have not met our expectations in terms of quality, service, and innovation. They have also failed to keep up with the changing market trends and customer needs.”
What are the financial strengths of RGA Reinsurance Company?
RGA Reinsurance Company is a financially strong and stable company. It has been rated A+ (Superior) by A.M. Best, AA- (Very Strong) by Standard & Poor’s, A1 (Good) by Moody’s, and AA- (Very Strong) by Fitch Ratings.
These ratings reflect RGA’s strong balance sheet, diversified business mix, solid operating performance, and prudent risk management.
RGA Reinsurance Company has also been recognized for its financial excellence by various awards and rankings.
For example, RGA has been named to Fortune magazine’s list of the World’s Most Admired Companies in the life and health insurance category for 12 consecutive years. RGA has also been ranked among the top 300 companies in the Forbes Global 2000 list.
How does the claim process work at RGA Reinsurance Company?
The claim process at RGA Reinsurance Company is simple and efficient. Here are the steps to follow:
- Notify RGA: The first step is to notify RGA of the claim as soon as possible. You can do this by phone, email, fax, or online. You will need to provide some basic information such as the policy number, the insured’s name, date of birth, date of death or disability, cause of death or disability, and contact details.
- Submit documents: The second step is to submit the required documents to support your claim. The documents may vary depending on the type of claim, but they usually include a claim form, a death certificate or medical report, a policy document, an identification proof, and a bank statement. You can send the documents by mail or upload them online.
- Receive payment: The third step is to receive your payment from RGA. Once RGA receives and verifies your documents, they will process your claim and issue your payment within 30 days. You can choose to receive your payment by check or electronic transfer.
If you have any questions or concerns about your claim, you can contact RGA’s claim department at +1 (636) 736-2068 or email@example.com. You can also check your claim status online by logging into your account on RGA’s website.
According to their website, RGA operates with integrity, invests responsibly, and advances the education, health, and longevity of people in the communities in which they operate. Here are some of the ways they do that:
Sustainability: RGA strives to ensure its operations and investments are environmentally sustainable and responsible. In 2021, RGA pledged to make Scope 1 and Scope 2 emissions net zero by the end of 2026. RGA also established carbon intensity reduction targets for their public corporate bond portfolio and committed to increasing their investments in green and social bonds.
Policies and Governance: RGA is committed to sound governance, responsible business practices, and the highest ethical standards. RGA has embedded ESG factors into its compensation structure and Enterprise Risk Management program. RGA also adheres to the principles of the UN Global Compact and supports the UN Sustainable Development Goals.
Social and Community Investment: RGA supports various causes and initiatives that improve the lives of people around the world. Through the RGA Foundation and The Longer Life Foundation, RGA funds research and programs that promote education, financial security, health, and longevity. RGA also encourages and supports employee philanthropy and volunteerism through matching gifts and volunteer time off programs.
Diversity, Equity, and Inclusion: RGA fosters a company culture that is diverse, inclusive, and compassionate. RGA values the differences among its employees and respects their dignity and rights. Furthermore, RGA has continued its commitment to pay equity and set aspirations for diverse representation in hiring, recruitment, and promotion. Additionally, RGA also provides various resources and opportunities for employees to learn, grow, and connect.
Here are some of the pros and cons of RGA Reinsurance Company
- Great culture and values that are practiced
- Excellent benefits and flexible work environment
- Friendly and professional coworkers and managers
- Innovative and knowledgeable in life and health reinsurance
- Financially strong and stable with high ratings from rating agencies
- Lack of diversity and inclusion in senior leadership
- Slow, bureaucratic, and rigid processes and systems
- Limited career development and growth opportunities
- High workload and pressure at times
- Mediocre compensation and bonus structure
RGA Frequently Asked Questions(FAQs)
Q. What is reinsurance and how does it work?
Reinsurance is a way of transferring risk from one insurance company to another. It helps insurers manage their capital, diversify their portfolios, and offer more products and services to their customers. Reinsurance can be structured in different ways, such as coinsurance, yearly renewable term, or financial reinsurance.
Q. What are the types of reinsurance solutions that RGA offers?
RGA offers a wide range of solutions for life and health insurers, including life and health risks, financial solutions, and product creation. Furthermore, RGA provides reinsurance for mortality, morbidity, longevity, and lapse risks, as well as living benefits such as critical illness, disability income, and long-term care.
Additionally, RGA also uses reinsurance as a financial management tool to help insurers optimize their capital, enhance profitability, and manage risk exposure. To add to that, RGA also helps insurers develop new products and enter new markets by providing product design, pricing, distribution, and marketing support.
Q. How do you file a life insurance claim with RGA Reinsurance Company?
The claim process at RGA Reinsurance Company is simple and efficient. The steps are: notify RGA of the claim as soon as possible by phone, email, fax, or online; submit the required documents to support your claim by mail or upload them online; receive your payment from RGA within 30 days by check or electronic transfer.
To Sum It Up
RGA Reinsurance Company is one of the best options for life and health reinsurance in the world. It offers a wide range of solutions for insurers who want to manage their risk, optimize their capital, or create new products. Furthermore, It also has a reputation for innovation, expertise, and service. It also has high ratings from rating agencies, positive reviews from customers, and strong financial performance.
If you want to learn more about RGA Reinsurance Company and how they can help you protect your life and health, visit their website or contact them today.
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