A secure, cloud-based model that computes a mortality risk score based on 49 applicant-specific data points, including medical exam results that carriers collect during the application process. Developed from a unique and industry-specific data set that includes more than 1.7 million life insurance application records that include 16.5 million exposure years, the underlying model that delivers LifeScore Med360 was trained to stratify mortality risk based on more than 25k observed deaths, not just mimic traditional underwriting decisions.
LifeScore Med360 can provide value for carriers in two dimensions:
Improve risk selection - reduced mortality losses.
We developed simulated underwriting decisions using LifeScore Med360 on historical applications to compare to the decisions reached by underwriters. In those comparisons, actuarial reviews demonstrated that:
Overall mortality experience improved by 10.5%. We've tried to estimate the effect of additional rules by overriding the model decision if underwriters assigned substandard or decline.
The LifeScore Med360 report presents an applicant's data in a quick, easy-to-scan format with the most relevant information understandable at a glance. The score report describes how each personalized value contributes to their overall score as well as how they compare to median values within similar underwriting cohorts.