Sapiens International and LifeScore Labs have entered into a new partnership to provide life insurers with access to machine learning (ML) capabilities to improve risk assessment and underwriting.
The partnership will enable carriers to receive an instant assessment of mortality risk through an integration with Sapiens Underwriting Pro.
The mortality risk can be determined using LifeScore Med360 or LifeScore Fluidless models.
The first one calculates the score using 49 applicant-specific data points including a medical exam, while LifeScore Fluidless assesses risk utilising self-reported applicant information together with credit and public records.
The usage of ML models is expected to be more effective for gauging mortality risk compared to conventional models.
Sapiens president and CEO Roni Al-Dor said: “ML, AI and big data are transforming insurance underwriting as we know it.
“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.”
LifeScore Labs COO Michael Gallary said: “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.”
Based in Israel, Sapiens International provides software solutions for the insurance industry.
Last month, the company acquired Tia Technology to bolster its presence in the Nordic market.