RGA enhances data capabilities to support growth strategies

Mark Brooks, the CIO of Reinsurance Group of America (RGA), is focused on developing the company’s global data capabilities. Since taking the role in 2023, he has restructured the technology organization and clarified success metrics to show the board how IT can effectively manage resources. Data plays a crucial role in RGA's growth. It enhances essential processes like underwriting and actuarial analysis, helping the company quickly evaluate clinical information for their partners. RGA is also conducting ongoing research to find innovative ways to use data across its various business processes. Brooks emphasizes the need for a well-defined enterprise data strategy. When he started at RGA, there was acknowledgment of the importance of using data more efficiently. The company had already started to think of data as a product, and they expanded this approach to identify areas with the most potential for generating value. He educated the board on artificial intelligence (AI) and its three categories. The first, "FOMO gen AI," occurs when companies rush to adopt AI without a clear plan, often resulting in risks. The second category is commercial gen AI, which uses pre-trained models to improve productivity but lacks transformative power. The most valuable, enterprise gen AI, involves integrating client data into RGA's platforms to enhance product offerings and drive revenue. To implement effective generative AI, RGA needs strong collaboration between business leaders and tech teams. Brooks advocates for an Agile approach, encouraging experimentation and collaboration with external partners. Important data governance and documentation are also vital for success. RGA's tech department has been restructured into four key areas: business engagement, enterprise data, delivery centers, and enterprise architecture. The business engagement team originally focused on education but is now creating valuable use cases. The enterprise data function oversees the global data platform and governance. Delivery centers bring together technology specialists, while enterprise architecture emphasizes shared platforms to ensure cost-effectiveness. Brooks also highlights the need for two types of metrics: progress and value. While transitioning to Agile methods can complicate measuring value directly, progress metrics help guide the team's advancements. To gain trust, Brooks advises CIOs to ensure financial transparency and demonstrate responsible use of resources. By developing a financial framework that reflects their commitment to strategic technology investments, RGA aims to create meaningful discussions about advancing their AI capabilities.