LifeScore Labs, a wholly owned subsidiary of U.S. insurance carrier Mass Mutual, and global reinsurer Swiss Re, have announced a collaboration to support LifeScore360, LifeScore Labs’ standards-based algorithmic risk scoring solution.
LifeScore360 will be offered as an additional analytics option for Swiss Re’s automated underwriting system (Magnum). In addition, Swiss Re will more generally support the use of LifeScore360 in life reinsurance transactions in the U.S.
LifeScore Labs was established to bring select intellectual property created by MassMutual’s Data Science team to market. LifeScore360 is an advanced risk assessment algorithm, distinct to the industry, that leverages millions of data points over decades of experience to produce a comprehensive mortality risk score, and is a secure, web-based solution that provides a risk score, detailed visualization of contributing factors and suggested score ranges for each risk class.
According to Sears Merritt, Chief Data Scientist, MassMutual, “Swiss Re’s recognition of LifeScore360 furthers our mission of delivering a new standard in measuring mortality risk and enabling accurate, efficient and transparent underwriting decisions.”
“Swiss Re is committed to being at the forefront of improving the customer experience and closing the life insurance protection gap. LifeScore360 is clearly a major evolution for life insurance underwriting and the consumer,” said Neil Sprackling, President Swiss Re U.S. Life & Health.