HOLON, Israel, Dec. 3, 2020 /PRNewswire/ -- Sapiens
International Corporation, (NASDAQ: SPNS) and (TASE:
SPNS), a leading global provider of software solutions for the
insurance industry, announced today a partnership with LifeScore
Labs, a wholly owned insurtech subsidiary of Massachusetts Mutual
Life Insurance Company (MassMutual), to offer life insurers
advanced machine learning capabilities for more accurate risk
assessment and underwriting.
Through a seamless integration with Sapiens Underwriting Pro,
carriers can receive an instant assessment of mortality risk on
their applicants using two different scoring models – LifeScore
Med360℠, which calculates mortality risk based on 49
applicant-specific data points including a medical exam, and
LifeScore Fluidless℠, which assesses risk utilizing self-reported
applicant information together with credit and public records.
Machine learning models can offer a more accurate and precise
means of gauging mortality risk than traditional methods. The
automation provided by LifeScore Labs improves risk assessment,
reduces underwriting costs and improves efficiency while delivering
a better customer experience.
"ML, AI and big data are transforming insurance underwriting as
we know it," said Roni Al-Dor,
President and CEO at Sapiens. "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."
In addition to reams of historical application records,
LifeScore Labs' machine learning models also incorporate more than
1.2 million records with appended credit and public records data,
as well as more than 23,000 observed deaths.
Through the Sapiens-LifeScore Labs partnership, insurers will
have access to a suite of features available through Sapiens
UnderwritingPro platform, a web-based solution for automated
underwriting and new business case management designed to
streamline insurer workflows and reduce time to issue and policy
acquisition costs. Sapiens UnderwritingPro provides a complete
Straight-Through Processing (STP) underwriting environment with its
intuitive user interface, real-time dashboard, sophisticated rules
engine, and advanced workflow and analytics. The robust digital
solution facilitates the drive for insurers to move toward
"fluidless" underwriting experiences with minimal or no human
intervention.
"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," said Michael Gallary, COO,
LifeScore Labs.
About Sapiens
Sapiens International Corporation empowers insurers to succeed
in an evolving industry. The company offers digital software
platforms, solutions and services for the property & casualty,
life, pension & annuity, reinsurance, financial &
compliance, workers' compensation and financial markets. With
more than 35 years of experience delivering to over 500
organizations globally, Sapiens has a proven ability to satisfy
customers' core, data and digital requirements. For more
information: www.sapiens.com.
Sapiens Media Contact
Alex
Zukerman
CMO and Chief of Strategy, Sapiens
+972 546 724 910
alex.zukerman@sapiens.com
About LifeScore Labs, LLC
LifeScore Labs, LLC (LifeScore Labs), a wholly owned subsidiary
of MassMutual, was established in 2017 to bring to market selected
intellectual property created by MassMutual's Data Science team.
LifeScore Labs delivers a toolkit of data-driven risk-scoring
models that make underwriting more efficient while generating
results that are easier to interpret for both insurers and
consumers. For more information on LifeScore Labs,
visit www.lifescorelabs.com.
LifeScore Labs Media Contact
Chelsea Haraty
413-744-4062
chelseaharaty@massmutual.com
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SOURCE Sapiens International Corporation; LifeScore Labs,
LLC