Tag: data science

What Can You Do With 50 Petabytes of Data?

Over the past five decades, our industry has collected over 50 petabytes of data—that’s a huge pile of information by anyone’s calculation—including demographics, financial and purchasing history, and many other pieces of potentially valuable information collected by insurance companies. Alone, it’s just data—basically zeros and ones—however, when amalgamated, analyzed, and put to use, it has tremendous power to find bottlenecks in our business flows, help guide our customers through a lifetime journey of financial awareness and family protection, and present new opportunities for agents and advisors to grow the business.

I can say with confidence that we have the technology and tools to put that data to good use not only in the future, but also today- something you won’t easily find, short of hiring an army of data scientists! Let’s take a step back and look at some examples of how to best utilize all of that data:

Here are five big data scenarios that could make an impact on your business.

  1. Consumer Bailouts
    Most of us spend a lot of time and money driving people to our websites and creating a customer journey experience that results in a quote. But how might we use big data to drive people through a different, more effective workflow? For those who are direct marketers, your data will tell you where consumers bail out from the buying process. Smart systems can drive the consumer through different workflows, selecting the best path based on their answers along the way. Machine learning can help further improve rules and workflows for the benefit of insurance companies and individuals.
  1. ‘Know Before You Go’ Quotes
    Why give consumers an approximate price when you can let them know the exact rate and the best carrier that fits their situation, based on analytics? By looking at the consumer as an individual, we can give them an exact price, their percentage chances for approval, and the shortest path to a policy. With all of this powerful data, maybe you decide not to give an individual too many choices—just the top three—so that they’re more likely to make a purchasing decision on the spot.
  1. Growing Your Book of Business
    Perhaps obviously, you can leverage your data to increase new business. We recommend using a third-party tool to continuously scan your data to see what’s happening in an individual’s life. Someone may have just bought a home and could use more coverage. Others may be looking to buy other types of insurance, like home and auto. With Artificial Intelligence capability, you’ll be able to use these tools to create an automated quote based on what you believe they need, according to the data.
  1. Cross-Selling at Delivery
    People may not want to be sidetracked with additional recommendations until they reach the end of the sales cycle. But, once a policy has been issued, what else might they qualify for? You could, for instance, send them a car insurance quote based on what you know- and then ask them to apply. Overall, to reach a successful outcome, you need both the analytics and a way to manage them.
  1. Your Best Rep at the Ready
    What if you could drive consumers to the rep who is best suited to speak with them? This is a potential gold mine within your business. Some of your reps may be more empathetic in certain situations (for instance, difficult health issues) than others. Simply stated, some reps are better at getting those individuals through the process. Sometimes it’s hard to identify them; however, machine learning and analytics can automatically drive those consumers to your best reps. Ultimately, this approach provides significantly better customer service and also helps drive more sales.

So how do we bring it all together?

Our InsureSight® product leverages data analytics and delivers AI technology that makes all the data work for you. We can amalgamate, massage, and help you interpret your data to make the most impact on your business, with the end goal of helping more families feel safe and confident.

If you want to take a deeper dive, check out the recent LIDMA webcast I did with our CEO Larry Berran called ‘Rise of the Machines: Using Data and AI to Grow Your Business’. You can also find more detailed information on the InsureSight product page.

BGA Panel: How Data is Driving Better Performance & More Business

A recorded session from NAILBA39: Engage

AgencyONE, Lion Street and Gen3 Advisor Group have all made investments and commitments to move their organizations to be more data-driven. In this panel, you’ll hear from executives at these three organizations as they share their successes with agent performance, agent recruitment, placement lift and more. After viewing this session, you’ll gain insights into how data can guide your strategies and empower you to confidently make changes in your business.

iPipeline and MassMutual’s LifeScore Labs Partner to Instantly Deliver Risk Scores for Underwriting

EXTON, Pa., and SPRINGFIELD, Mass., February 28th, 2018 – iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – and Massachusetts Mutual Life Insurance Company (MassMutual) today announced a partnership agreement with MassMutual’s LifeScore Labs to deliver LifeScore360, LifeScore Lab’s algorithmic risk scoring solution, to life insurance carriers in the U.S. LifeScore Labs, LLC was created by MassMutual to bring to market select intellectual properties developed by MassMutual’s Data Science team.

“A rapid decisioning process using industry-standard data for accurately scoring mortality can increase placement rates and the insurer’s profitability. Our new partnership with LifeScore Labs has the potential to improve the speed of underwriting in the U.S.,” said Tim Wallace, CEO, iPipeline. “By integrating LifeScore360 with our Resonant® new business and underwriting solution, we will be delivering a first to the marketplace. When an insurer’s decision process is slow, customers often select another carrier or abandon the sale. For instance, millennial consumers represent one of the largest underserved segments within the U.S. insurance industry, and they expect faster decisions. LifeScore360 will enable a faster insurance coverage response for this key demographic group.”

LifeScore360 is an advanced risk assessment algorithm, distinct to the industry, leveraging millions of data points over decades of experience to produce a comprehensive mortality risk score. A secure web-based (API) and interpretability analysis, LifeScore 360 provides a score and detailed visualization of contributing factors, suggested score ranges for each risk class and indications of where further calibration analysis may be beneficial.

“Accurately, efficiently and transparently estimating mortality risk can directly impact carrier profitability and enhance the customer experience. The LifeScore360 algorithm has proven itself through use at MassMutual,” said Sears Merritt, MassMutual’s Chief Data Scientist.

Gareth Ross, MassMutual’s Chief Digital Officer, added, “iPipeline has a history of introducing new solutions to drive digital transformation within the life insurance industry. We are pleased about partnering with iPipeline’s team to deliver this innovative solution to the market.”

To learn how you can implement LifeScore360 and arrange for a demonstration, contact sales@ipipeline.com or call 1-800-758-0824, option 2.

About LifeScore Labs, LLC

LifeScore Labs, LLC (LifeScore Labs), a wholly owned subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual), was established to bring to market select intellectual property created by MassMutual’s Data Science team. LifeScore Labs is launching LifeScore360, an algorithmic risk scoring model for the broader insurance carrier market in the U.S. LifeScore360 can significantly reduce the time and expense to underwrite a life insurance policy and produce consistent, transparent and interpretable results. Visit www.lifescore360.com.

About iPipeline

iPipeline is a leading provider of cloud-based software solutions for the life insurance and financial services industry. Through our SaaS-based new business acquisition platform, we accelerate and simplify sales, compliance, operations and support. We provide process automation and seamless integration between every participant in the financial services industry including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and their consumers. Our innovative solutions enable automated processing for pre-sales, new business and underwriting, policy administration, point-of-sale execution of applications, post-sale support, data analysis, reporting, consumer delivery and self-service, and agency and firm management.

iPipeline provides the process automation and seamless integration needed on a global basis to make a sale by aggregating more than 130 carriers, 1,300 distributors and financial institutions, and their agents and licensed advisors in a cloud-based environment. With headquarters in Exton, Pennsylvania, iPipeline has locations in Bromley (UK), Cheltenham (UK), Fort Lauderdale, Huntersville, Ontario (CA), Philadelphia, Pleasanton, and Salt Lake City. Visit www.ipipeline.com. Join us at our Connections 2018 User Meeting & Conference at the ARIA Resort & Casino in Las Vegas from March 18th-20th. Explore the conference today.