The partnership between Sapiens and LifeScore Labs will offer life insurers machine learning capabilities to instantly assess the mortality risk of applicants


Sapiens partners with LifeScore Labs. (Credit: Pixabay/Pexels.)

Sapiens, an Israel-based software solutions provider for the insurance industry, has partnered with LifeScore Labs, an insurtech subsidiary of MassMutual, to offer underwriting services for life insurance carriers.

Through the partnership, Sapiens Underwriting Pro will offer the benefits of machine learning models to life insurers to instantly assess mortality risk of their applicants on two models – LifeScore Med360 and LifeScore Fluidless.

LifeScore Med360 calculates mortality risk based on 49 applicant-specific data points including a medical exam while LifeScore Fluidless evaluates risk leveraging self-reported applicant information combined with credit and public records.

Sapiens claims that machine learning models can offer more accurate and precise means to gauge mortality risk compared to traditional methods.

The automation can help improve risk assessment, reduce underwriting costs while improving efficiency and deliver a better experience for customers.

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.”

The partnership between Sapiens and LifeScore Labs can offer insurers access to a suite of features through Sapiens UnderwritingPro platform, a web-based solution for automated underwriting.

The UnderwritingPro platform is claimed to offer a complete Straight-Through Processing (STP) underwriting environment with an intuitive user interface, real-time dashboard, sophisticated rules engine and advanced workflow and analytics.

The digital solutions can drive insurers to move toward a ‘fluidless’ underwriting experiences with minimal or no human intervention, Sapiens said.

LifeScore Labs chief operating officer 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.”

Last month, Sapiens had agreed to acquire Tia Technology, a Danish developer of software solutions for the property and casualty (P&C) insurers, from EQT Mid Market for an undisclosed amount.