Second straight year of acknowledgement for MassMutual; awarded 2016 CIO 100 for ESP
SPRINGFIELD, Mass., May 1, 2017—IDG's CIO today announces Massachusetts Mutual Life Insurance Company (MassMutual) as a recipient of the 2017 CIO 100. The 30th annual award program recognizes organizations around the world that exemplify the highest level of operational and strategic excellence in information technology (IT).
"Technology innovation and business value have always been at the heart of our CIO 100 awards, which honor the IT organizations thriving on the front lines of the digital revolution," said Maryfran Johnson, Editor in Chief, CIO Events. "This year's winning companies are outstanding examples of how IT leadership, business collaboration and customer engagement are shaping the future."
MassMutual was recognized by CIO for its use of state-of-the-art algorithmic and predictive models of risk to help make new business underwriting decisions. This groundbreaking underwriting process leverages the power of mobile technology to dramatically simplify the collection of health information; uses advanced matching and predictive algorithms to automate connection of client data with industry risk data, and then exercises innovative predictive data science and machine-learning approaches to scientifically assess risk. The net result is a much faster, more consumer-friendly insurance experience for the digital age.
“This recognition from CIO is underscores our continuing, unwavering commitment to reaching consumers on their terms,” said Paul Bacon, MassMutual’s Vice President, Underwriting & Medical Strategy. “More than simply a software solution, algorithmic underwriting is an entirely new underwriting process, one that specifically benefits the customer, as it incorporates a contemporary digital application process, shorter and less intrusive paramedical visits and rapid approvals. Our algorithmic underwriting capability is rapidly rewriting opportunities for the markets MassMutual serves.”
The 2017 recognition as a CIO 100 is the second in two years for MassMutual. In 2016, the company was acknowledged for the development and implementation of its Electronic Sales Platform (ESP) for its financial professionals.
Executives from the winning companies will be recognized at The CIO 100 Symposium & Awards Ceremony, to be held Wednesday, August 16, at the Broadmoor Resort in Colorado Springs, Colo.
About the CIO 100
Recipients of this year's CIO 100 Award were selected through a three-step process. First, companies filled out an online application form detailing their innovative IT and business initiatives. Next, a team of external judges (many of them former CIOs) reviewed the applications in depth, looking for leading-edge IT practices and measurable results. Finally, CIO editors reviewed the judges' evaluations and selected the final 100.
Coverage of the 2017 CIO 100 Awards will be available online at CIO.com on August 16, 2017 and in the July/August issue of CIO's digital magazine.
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. MassMutual offers a wide range of financial products and services, including life insurance, disability income insurance, long term care insurance, annuities, retirement plans and other employee benefits. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. For more information, visit www.massmutual.com.
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