iPipeline and MassMutual’s LifeScore Labs Partner to Instantly Deliver Risk Scores for Underwriting
Machine Learning to Improve the Speed of Underwriting, Enhance Customer Experience and Improve Competitive Positions for U.S. Life Insurers
EXTON, Pa., and SPRINGFIELD, Mass., February 28th, 2018 – iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – and Massachusetts Mutual Life Insurance Company (MassMutual) today announced a partnership agreement 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.
“A rapid decisioning process using industry-standard data for accurately scoring mortality can increase placement rates and the insurer’s profitability. Our new partnership with LifeScore Labs has the potential to improve the speed of underwriting in the U.S.,” said Tim Wallace, CEO, iPipeline. “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. For instance, millennial consumers represent one of the largest underserved segments within the U.S. insurance industry, and they expect faster decisions. LifeScore360 will enable a faster insurance coverage response for this key demographic group.”
LifeScore360 is an advanced risk assessment algorithm, distinct to the industry, leveraging millions of data points over decades of experience to produce a comprehensive mortality risk score. 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.
“Accurately, efficiently and transparently estimating mortality risk can directly impact carrier profitability and enhance the customer experience. The LifeScore360 algorithm has proven itself through use at MassMutual,” said Sears Merritt, MassMutual’s Chief Data Scientist.
Gareth Ross, MassMutual’s Chief Digital Officer, added, “iPipeline has a history of introducing new solutions to drive digital transformation within the life insurance industry. We are pleased about partnering with iPipeline’s team to deliver this innovative solution to the market.”
To learn how you can implement LifeScore360 and arrange for a demonstration, contact [email protected] or call 1-800-758-0824, option 2.
About LifeScore Labs, LLC
LifeScore Labs, LLC (LifeScore Labs), a wholly owned subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual), was established to bring to market select intellectual property created by MassMutual’s Data Science team. LifeScore Labs is launching LifeScore360, an algorithmic risk scoring model for the broader insurance carrier market in the U.S. LifeScore360 can significantly reduce the time and expense to underwrite a life insurance policy and produce consistent, transparent and interpretable results. Visit www.lifescore360.com.
About iPipeline
iPipeline is a leading provider of cloud-based software solutions for the life insurance and financial services industry. Through our SaaS-based new business acquisition platform, we accelerate and simplify sales, compliance, operations and support. We provide process automation and seamless integration between every participant in the financial services industry including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and their consumers. Our innovative solutions enable automated processing for pre-sales, new business and underwriting, policy administration, point-of-sale execution of applications, post-sale support, data analysis, reporting, consumer delivery and self-service, and agency and firm management.
iPipeline provides the process automation and seamless integration needed on a global basis to make a sale by aggregating more than 130 carriers, 1,300 distributors and financial institutions, and their agents and licensed advisors in a cloud-based environment. With headquarters in Exton, Pennsylvania, iPipeline has locations in Bromley (UK), Cheltenham (UK), Fort Lauderdale, Huntersville, Ontario (CA), Philadelphia, Pleasanton, and Salt Lake City. Visit www.ipipeline.com. Join us at our Connections 2018 User Meeting & Conference at the ARIA Resort & Casino in Las Vegas from March 18th-20th. Explore the conference today.
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For iPipeline:
Lisa Shea
Marketing
[email protected]
484 870 6234
For LifeScore Labs:
Michael McNamara
413 744 3917
[email protected]
