Machine Learning to Improve the Speed of Underwriting, Enhance Customer Experience and Improve Competitive Positions for U.S. Life Insurers
EXTON, Pa., and SPRINGFIELD, Mass., February 22, 2018– iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – and Massachusetts Mutual Life Insurance Company (MassMutual) today announced a partnership agreement with MassMutual’s LifeScore Labs to deliver LifeScore360, LifeScore Lab’s algorithmic risk scoring solution, to life insurance carriers in the U.S. LifeScore Labs, LLC was created by MassMutual to bring to market select intellectual properties developed by MassMutual’s Data Science team.
“A rapid decisioning process using industry-standard data for accurately scoring mortality can increase placement rates and the insurer’s profitability. Our new partnership with LifeScore Labs has the potential to improve the speed of underwriting in the U.S.,” said Tim Wallace, CEO, iPipeline. “By integrating LifeScore360 with our Resonant® new business and underwriting solution, we will be delivering a first to the marketplace. When an insurer’s decision process is slow, customers often select another carrier or abandon the sale. For instance, millennial consumers represent one of the largest underserved segments within the US insurance industry, and they expect faster decisions. LifeScore360 will enable a faster insurance coverage response for this key demographic group.”
LifeScore360 is an advanced risk assessment algorithm, distinct to the industry, leveraging millions of data points over decades of experience to produce a comprehensive mortality risk score. A secure web-based (API) and interpretability analysis, LifeScore360 provides a score and detailed visualization of contributing factors, suggested score ranges for each risk class and indications of where further calibration analysis may be beneficial.
“Accurately, efficiently and transparently estimating mortality risk can directly impact carrier profitability and enhance the customer experience. The LifeScore360 algorithm has proven itself through use at MassMutual,” said Sears Merritt, MassMutual’s Chief Data Scientist.
Gareth Ross, MassMutual’s Chief Digital Officer, added, “iPipeline has a history of introducing new solutions to drive digital transformation within the life insurance industry. We are pleased about partnering with iPipeline’s team to deliver this innovative solution to the market.”
To learn how you can implement LifeScore360 and arrange for a demonstration, contact sales@ipipeline.com or call 1-800-758-0824, option 2.
