Swiss Re and Milliman IntelliScript unveil an integrated life insurance risk scoring solution for Magnum users
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Swiss Re has expanded its collaboration with Milliman IntelliScript to more efficiently calibrate its Magnum Automated Underwriting Solution by enabling access to IntelliScript’s Irix® proprietary risk scoring algorithm. The enhanced capability provides Magnum users with a simpler onboarding process and access to prescription data to more fully inform their automated life insurance underwriting decisions.
The Irix-supplemented plug-and-play tool comes pre-calibrated with Swiss Re's Life Guide, the industry's #1 global underwriting manual according to NMG Consulting. This means users can automatically identify health conditions and understand biomedical risk in one simple process that is fully backed by Swiss Re's in-depth underwriting expertise.
Swiss Re has been at the forefront of innovation in automated underwriting for more than 30 years and is very pleased that this is reflected in its recent #1 ranking for overall underwriting management in the latest NMG Consulting 2020 Life & Health Reinsurance study.
"Our collaboration with Milliman IntelliScript is another example of Swiss Re helping insurers incorporate new forms of data into their underwriting process, moving to the next level of seamless risk assessment and helping close the life insurance protection gap," said Jason Render, Head Magnum Americas, Swiss Re.
Irix®- Risk Score is a prescription-based predictive model that simplifies life insurance underwriting decisions by quantifying an applicant's relative mortality risk.
“IntelliScript is always looking for creative ways to deploy our data aggregation and interpretation technology so life insurers can better control risk and meet changing consumer demands,” said Angela Bolduc, Principal and Managing Director at Milliman IntelliScript. “This collaboration with Swiss Re is another way of empowering our mutual clients to accelerate their underwriting, enter new markets, and serve more people.”
Swiss Re's Magnum Underwriting Solutions help insurance companies make better, faster underwriting decisions and provide a simplified application journey for the end consumer. Designed by underwriters, for underwriters, Magnum offers full-service automation backed by the power of Life Guide – the industry's No. 1 underwriting guide and the go-to resource for the latest research and understanding of biomedical risk.
About Life Guide
Life Guide is continuously ranked as the industry's #1 global underwriting manual based on the NMG Consulting study. Its underwriting philosophy and embedded trainings are backed by Swiss Re experts who monitor the latest medical, regulatory and technological developments. Life Guide helps users understand risks and how they interact with each other through functionality like the cardiovascular risk calculator, which is used, on average, every five seconds by an underwriter seeking to assess heart disease risk. Thousands of underwriters access Life Guide over 23 million times a year.
About Milliman IntelliScript
Milliman IntelliScript offers industry-leading risk management solutions to the insurance industry. An operating unit of Milliman, Inc., IntelliScript has been a preferred vendor to insurance carriers since 2001. Founded in 1947, Milliman is an independent risk management, benefits and technology firm with offices in major cities around the globe. The firm serves the full spectrum of business, financial, government, union, education, and nonprofit organizations.