MassMutual Initiative to Create Innovative Mortality Risk Scoring Product for Carriers

The LifeRisk 360 solution draws on machine learning and artificial intelligence methodologies, as well as hundreds of millions of data points about individuals’ health and behavior.

(Image credit: Dollar Photo Club.)

MassMutual (Springfield, Mass.) has launched LifeRisk 360, a digital initiative that the insurer says will utilize cutting-edge data science techniques to create a new individual mortality risk scoring system. MassMutual is exploring a partnership with Captricity (Oakland, Calif.) to market the system available to other insurers. Captricity’s technology was used to create the system’s proprietary dataset.

Sears Merritt, VP, Data Science, Engineering & Advanced Analytics, MassMutual Financial Group.

Headed by Sears Merritt, MassMutual’s Chief Data Scientist, LifeRisk 360 draws on machine learning and artificial intelligence methodologies, as well as hundreds of millions of data points that characterize the health and behavior of millions of individuals spanning nearly two decades, according to the carrier. Among the benefits of the new scoring system to life insurance carriers are significant improvements in the application process and a substantial improvement in the ability to deliver rapid assessment of individual life insurance risk relative to current industry best practices, according to MassMutual.

“We are excited to introduce LifeRisk 360, an innovative and distinct life insurance risk assessment platform designed to bring new intelligent insights into a largely manual process,” comments Merritt.  “By leveraging linked data elements and machine learning methodologies, our objective is to further reduce underwriting decision time and improve mortality risk selection.”

“We used Captricity technology to convert paper applications into structured digital data,” Merritt specifies.“We then combined that data with data points from many other sources to create our linked database. We then applied a number of different machine learning (ML) algorithms to the data to create our risk scoring model.”

Fee-For-Service Offering

Relative to the announcement, MassMutual says it is exploring a potential partnership with Captricity (Oakland, Calif.), a vendor of intelligent automation solutions. Through the partnership, Captricity would make the LifeRisk 360 scoring service broadly available to the U.S. life insurance market on a fee-for-service basis.

Kuang Chen, CEO, Captricity.

“Our planned partnership with LifeRisk 360 rewards our insurance carriers and their customers by reimagining underwriting as a modern, digital process,” comments Kuang Chen, CEO, Captricity. “This solution enables insurers to eliminate many of the manual steps and friction associated with underwriting. This solution will be an industry pivot point, giving carriers the ability to accelerate their own data-driven underwriting initiatives to deliver minimally invasive decisions faster.”

MassMutual expects the new solution to be available to life insurance companies beginning in the first quarter of 2018, pending completion of the final agreement with Captricity.

Captricity markets an what it calls an AI-powered intelligent automation solution that extracts and enhances data at 99.9 percent accuracy from any customer channel,  including handwritten documents, and delivers it seamlessly into downstream systems and workflows. The vendor reports that it does business with 13 of the top 20 life insurers in the U.S., and lists New York Life, AXA, and Woodmen Life among its insurance clients.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For over a decade he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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