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
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.
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.
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 email@example.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.
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
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.