MassMutual is launching a platform using data to devise a mortality risk scoring system to be used by its life insurance arm. The new system, which will use the latest technology and analytics from the University of Pennsylvania’s Wharton School for an estimated $45 million in annual savings, could help insurers better predict how much they are likely The firm says the platform will allow for greater individual assessment when providing life insurance policies. MassMutual worked with California-based Captricity in launching the platform. Captricity provided the underlying data for LifeRisk 360 and the two firms also announced the data service may be made available to external clients.
MassMutual is launching a platform using data to devise a mortality risk scoring system to be used by its life insurance arm. The platform, dubbed LifeRisk 360, will reportedly be able to use data and machine learning to assess the health and lifestyles of millions of potential clients. The firm says the platform will allow for greater individual assessment when providing life insurance policies. MassMutual worked with California-based Captricity in launching the platform. Captricity provided the underlying data for LifeRisk 360 and the two firms also announced the data service may be made available to external clients.