Sapiens International Corporation, (NASDAQ: SPNS) and (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today a partnership with LifeScore Labs, a wholly owned insurtech subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual), to offer life insurers advanced machine learning capabilities for more accurate risk assessment and underwriting.
Through a seamless integration with Sapiens Underwriting Pro, carriers can receive an instant assessment of mortality risk on their applicants using two different scoring models – LifeScore Med360℠, which calculates mortality risk based on 49 applicant-specific data points including a medical exam, and LifeScore Fluidless℠, which assesses risk utilizing self-reported applicant information together with credit and public records.
Machine learning models can offer a more accurate and precise means of gauging mortality risk than traditional methods. The automation provided by LifeScore Labs improves risk assessment, reduces underwriting costs and improves efficiency while delivering a better customer 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.”
In addition to reams of historical application records, LifeScore Labs’ machine learning models also incorporate more than 1.2 million records with appended credit and public records data, as well as more than 23,000 observed deaths.
Through the Sapiens-LifeScore Labs partnership, insurers will have access to a suite of features available through Sapiens UnderwritingPro platform, a web-based solution for automated underwriting and new business case management designed to streamline insurer workflows and reduce time to issue and policy acquisition costs. Sapiens UnderwritingPro provides a complete Straight-Through Processing (STP) underwriting environment with its intuitive user interface, real-time dashboard, sophisticated rules engine, and advanced workflow and analytics. The robust digital solution facilitates the drive for insurers to move toward “fluidless” underwriting experiences with minimal or no human intervention.
“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.
Source: PR Newswire
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