There are a lot of things going against life insurers – from a changing marketplace to the demand to simplify underwriting to an expanding knowledge and talent gap. After talking to hundreds of life insurers about their challenges, struggles and goals, we noticed a theme: Analytics are key to driving operational efficiencies.

Well, we listened and we are proud to announce the latest version of our Life Underwriting Solution now includes analytic insights so underwriters can dive deeper than ever before into data to asses applicants faster. Clients using the Life Underwriting Solution obtain insights such as:

  • Key health indicators
    • Average body mass index
    • Disposition of diabetes
    • Mortality differentials
  • Risk scores based on data sources from:Life Underwriting Analytics
    • MIB
    • MVR
    • Prescription history
    • Policy application
    • Lifestyle data
  • Individual Risk insights
    • Diagnostics conditions
    • Potential conditions
    • Lifestyle
    • Credit score
  • Geographic clusters based on Cancer, Diabetes and Heart disease
    • Estimated deaths in upcoming years based on historical data
      • Past incident ratings

AND MORE.

But we didn’t stop there. We upped the game by enhancing our cognitive capture capabilities to automatically capture and extract over 1,000 data points and pull data from industry sources like MIB, IntelliScript and more.

Pyramid Solutions Life Underwriting solution extends underwriting systems to streamline the decision-making process. 

It accommodates highly-complex cases where multiple simultaneous requests for information may be required.

It gives insurers the ability to easily and quickly gather an applicant’s information, classify risk and ultimately determine how a life insurance application should be rated.

It provides underwriters with a single platform of underwriting processing tools to quickly access, review and process life applications faster than ever.

With the latest technology, life insurers can now focus on growing their top line revenue with the ability to fast-track low-risk applications and flag high-risk applications for underwriters, so they can approve or deny applications faster than ever.

With these tools and capabilities, life insurers are not just reducing the time it takes to approve and onboard clients but reducing overhead costs, producing consistent applicant ratings, decreasing overall risk, and giving them more time to focus on the needs of their customers.

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