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October 9, 2017

MassMutual launches digital mortality risk scoring platform for life insurance industry

Massachusetts Mutual Life Insurance Company (MassMutual) has introduced an artificial intelligence (AI) based mortality risk scoring system for the life insurance industry.

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by GlobalData
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The new solution, LifeRisk 360, draws on machine and artificial learning methodologies, as well as numerous data points that describe the health and behaviour of millions of individuals over two decades.

Headed by MassMutual’s chief data scientist Sears Merritt, LifeRisk 360 is a digital initiative based on a proprietary dataset derived from Captricity’s intelligent automation solution.

Both MassMutual and Captricity have inked an agreement, whereby Captricity would make the LifeRisk 360 coring service broadly available to the life insurance market in the US.

Both partners believe that life insurers will be able to depend on trustworthy, intelligent insights obtained from LifeRisk 360, which will decrease underwriting time, improve risk selection, and eliminate the need for attending physician statements (APS).

Merritt said: “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.

“By leveraging linked data elements and machine learning methodologies, our objective is to further reduce underwriting decision time and improve mortality risk selection.”

Captricity CEO Kuang Chen said: “Our planned partnership with LifeRisk 360 rewards our insurance carriers and their customers by reimagining underwriting as a modern, digital process.

“This solution enables insurers to eliminate many of the manual steps and friction associated with underwriting. 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.”

Subject to completion of the final agreement, the new solution is scheduled to be available to life insurance companies starting in the first quarter of 2018.

Free Whitepaper
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Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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