Life insurance has lagged behind other types of insurance in modernizing the underwriting experience. Today’s life insurers still use human-intensive, medically invasive processes to underwrite customers, leading to application cycles that take 4-6 weeks on average and lowering customer satisfaction and policy placement rates.
Now, Captricity has taken the first step toward helping insurers reimagine their underwriting processes. Today, MassMutual announced the launch of LifeRisk 360, a digital initiative based on a proprietary dataset derived from Captricity’s intelligent automation solution. LifeRisk 360 will use cutting-edge data science techniques to create the first individual mortality risk scoring system of its kind for the life insurance industry. The companies announced today that they are exploring a potential partnership in which Captricity would make the LifeRisk 360 scoring service broadly available to the U.S. life insurance market.
The LifeRisk 360 initiative is headed by Sears Merritt, MassMutual’s Chief Data Scientist, and 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.
Captricity and MassMutual anticipate that with LifeRisk 360, insurers will be able to rely on trustworthy, intelligent insights that reduce underwriting time, improve risk selection, and eliminate the need for attending physician statements (APS).
“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,” Merritt said. “By leveraging linked data elements and machine learning methodologies, our objective is to further reduce underwriting decision time and improve mortality risk selection.”
Machine learning (ML) is at the core of LifeRisk 360. Using decades of historical health impairment information and death records, ML algorithms can calculate risk with accuracy and speed.
“Insurers today hear customer demands for a better underwriting experience — but they can’t sacrifice predictive accuracy for the sake of modernization,” said Kuang Chen, CEO and Founder of Captricity. “Working together with MassMutual, we’ve reimagined underwriting as a modern, digital process to deliver accurate risk assessment faster than traditional underwriting, and at a fraction of the cost.”
Chen believes the development of LifeRisk 360 will have ramifications that go beyond any one carrier. “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.”
Want to learn more about LifeRisk 360 as it’s developed? Looking for more information on how intelligent automation can create a better underwriting process? Call Captricity at 510-876-9323 or visit captricity.com/resources today.