Swiss Re has partnered with MassMutual subsidiary LifeScore Labs to launch a standards-based algorithmic risk scoring solution for the life insurance space.
The reinsurer will be utilizing the LifeScore360 analytics solution for its automated underwriting system, Magnum. Swiss Re will also increase its support for the scoring solution in life reinsurance transactions in the US.
“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,” said MassMutual chief data scientist Sears Merrit.
“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.”
LifeScore360 is a web-based advanced risk assessment algorithm that utilizes “millions of data points over decades of experience” to produce a comprehensive mortality risk score. The system can also offer detailed visualizations of contributing factors and suggested score ranges for each risk class.
"Swiss Re is committed to being at the forefront of improving the customer experience and closing the life insurance protection gap," said Swiss Re US life & health president Neil Sprackling. “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.”