Swiss Re Adopts MassMutual’s LifeScore360 for Mortality Risk

Swiss Re will offer LifeScore360 as an additional analytics option for the reinsurer’s Magnum automated underwriting system.

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LifeScore Labs, an initiative of MassMutual’s (Springfield, Mass.) Data Science team, has entered into an agreement with Swiss Re U.S. Life & Health (Armonk, N.Y.) for the reinsurer to support LifeScore360, LifeScore Labs’ standards-based algorithmic risk scoring solution. MassMutual reports that Swiss Re will offer LifeScore360 as an additional analytics option for the reinsurer’s Magnum automated underwriting system. Swiss Re will also more generally support the use of LifeScore360 in life reinsurance transactions in the U.S., according to a MassMutual statement.

Neil Sprackling, President Swiss Re U.S. Life & Health.

New Standard in Measuring Mortality Risk

“MassMutual’s commitment to investing in data science and technology to develop risk scoring solutions with the potential to set a transparent, industry standard benefiting consumers and life insurance carriers alike is validated through LifeScore Labs’ partnership with Swiss Re,” comments Sears Merritt, Chief Data Scientist, MassMutual. “Swiss Re’s recognition of LifeScore360 furthers our mission of delivering a new standard in measuring mortality risk and enabling accurate, efficient and transparent underwriting decisions.”

MassMutual describes LifeScore360 as an advanced risk assessment algorithm, unique to the industry, leveraging millions of data points over decades of experience to produce a comprehensive mortality risk score. “LifeScore360 is a secure, web-based solution that provides a risk score, detailed visualization of contributing factors and suggested score ranges for each risk class,” the insurer says.

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

“Swiss Re is committed to being at the forefront of improving the customer experience and closing the life insurance protection gap,” comments Neil Sprackling, President Swiss Re U.S. Life & Health. “We were therefore delighted that MassMutual asked us to partner together on LifeScore360, which is clearly a major evolution for life insurance underwriting and the consumer. We are excited to help other carriers unlock the combined power of risk selection and automation that LifeScore360 and Magnum can provide.”

Shared Commitment to Industry, Consumers

“Swiss Re has a history of thought leadership and introducing new solutions to drive innovation in the life insurance industry,” comments Gareth Ross, Chief Digital Officer, MassMutual. “Partnering with Swiss Re furthers a joint commitment to help our entire industry to better estimate and price risk and deliver protection to more consumers.”

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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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