Sapiens Partners with LifeScore Labs to Innovate Life Insurance Underwriting
Sapiens, LifeScore Labs | December 04, 2020
Sapiens International Corporation, a main worldwide supplier of software answers for the insurance business, reported today an association with LifeScore Labs, a completely possessed insurtech subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual), to offer life guarantors progressed AI capacities for more exact risk assessment and underwriting.
Through a consistent reconciliation with Sapiens Underwriting Pro, transporters can get a moment assessment of mortality risk on their candidates utilizing two diverse scoring models – LifeScore Med360℠, which computes mortality risk dependent on 49 candidate explicit information focuses including a clinical test, and LifeScore Fluidless℠, which evaluates risk using self-detailed candidate data along with credit and freely available reports.
AI models can offer a more exact and exact methods for measuring mortality risk than conventional techniques. The mechanization gave by LifeScore Labs improves risk assessment, diminishes underwriting costs and improves proficiency while conveying a superior client experience.
"ML, AI and big data are transforming insurance underwriting as we know it," said Roni Al-Dor, President and CEO at Sapiens. "With its team of more than 40 data scientists and more than 1.5 million application records dating back 20 years, LifeScore Labs and MassMutual have the expertise and capabilities needed to drive this transformation, making them ideal partners in our quest to make life insurance more efficient, tech-savvy and customer-friendly."
Notwithstanding reams of verifiable application records, LifeScore Labs' AI models additionally fuse more than 1.2 million records with annexed credit and freely available reports information, just as in excess of 23,000 noticed passings.
Through the Sapiens-LifeScore Labs association, guarantors will approach a set-up of highlights accessible through Sapiens UnderwritingPro stage, an electronic answer for computerized underwriting and new business case the executives intended to smooth out safety net provider work processes and decrease time to issue and strategy obtaining costs. Sapiens UnderwritingPro gives a total Straight-Through Processing (STP) underwriting climate with its instinctive UI, constant dashboard, refined guidelines motor, and progressed work process and examination. The hearty advanced arrangement encourages the drive for safety net providers to advance toward "fluidless" underwriting encounters with negligible or no human mediation.
"To successfully compete in a fast-evolving market, life insurers need best-in-class automation technology, robust data capabilities, a granular understanding of risk and the agility to adapt to changing customer needs – and that's precisely what the synergistic partnership between Sapiens and LifeScore Labs will offer," said Michael Gallary, COO, LifeScore Labs.
Sapiens International Corporation empowers insurers to succeed in an evolving industry. The company offers digital software platforms, solutions and services for the property & casualty, life, pension & annuity, reinsurance, financial & compliance, workers' compensation and financial markets. With more than 35 years of experience delivering to over 500 organizations globally, Sapiens has a proven ability to satisfy customers' core, data and digital requirements.
About LifeScore Labs, LLC
LifeScore Labs, LLC (LifeScore Labs), a wholly owned subsidiary of MassMutual, was established in 2017 to bring to market selected intellectual property created by MassMutual's Data Science team. LifeScore Labs delivers a toolkit of data-driven risk-scoring models that make underwriting more efficient while generating results that are easier to interpret for both insurers and consumers.