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MassMutual (Springfield, Mass.) has undertaken a partnership agreement with iPipeline (Exton, Pa.) whereby the vendor will work 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.
Gareth Ross, Chief Digital and Customer Experience Officer, MassMutual.
“iPipeline has a history of introducing new solutions to drive digital transformation within the life insurance industry,” comments Gareth Ross, Chief Digital Officer, MassMutual. “We are pleased about partnering with iPipeline’s team to deliver this innovative solution to the market.”
Potential to Speed Life Underwriting in the U.S.
A rapid decisioning process using industry-standard data for accurately scoring mortality can increase placement rates and the insurer’s profitability, asserts Tim Wallace, CEO, iPipeline. “Our new partnership with LifeScore Labs has the potential to improve the speed of underwriting in the U.S.,” he comments. “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, Wallace continues. “For instance, millennial consumers represent one of the largest underserved segments within the U.S. insurance industry, and they expect faster decisions,” he elaborates. “LifeScore360 will enable a faster insurance coverage response for this key demographic group.”
Sears Merritt, VP, Data Science, Engineering & Advanced Analytics, MassMutual Financial Group.
A joint statement from the partners describes LifeScore360 as an advanced risk assessment algorithm that leverages millions of data points over decades of experience to produce a comprehensive mortality risk score. Delivered with a secure web-based (API) and interpretability analysis, LifeScore 360 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, according to the statement.
“Accurately, efficiently and transparently estimating mortality risk can directly impact carrier profitability and enhance the customer experience,” comments Sears Merritt, Chief Data Scientist, MassMutual. “The LifeScore360 algorithm has proven itself through use at MassMutual.”
MassMutual Initiative to Create Innovative Mortality Risk Scoring Product for Carriers