TOP
Leveraging a powerful combination of Prescription Data, Medical Data, and Credit Data, Irix® Risk Score 4.0 delivers stronger mortality segmentation and enhanced predictive performance compared to previous versions – helping Life insurers make more confident underwriting decisions while expanding acceleration opportunities. Insurers are continually working to improve the customer experience while maintaining sound mortality risk management. The growth in accelerated underwriting has heightened the need for tools that can deliver both efficiency and confidence in risk selection. Risk Score 4.0 fits the bill!
In my last blog, we discussed the key findings of our validation study conducted by our Analytics team, Nic Hemm and Blaise Zander. Our study confirmed Risk Score 4.0 provides insurers with a more powerful tool to improve risk selection, expand accelerated underwriting programs, and drive operational efficiency without compromising mortality performance.
Building on our first whitepaper in the series, this second whitepaper – Use Case #2 – provides perspective on the incremental value of prescription, medical, and credit data and discovers how each data source enhances risk assessment and decision-making. This analysis focuses on how different evidence configurations affect mortality segmentation and straight-through-processing (STP) performance. The key findings are:
Risk Score 4.0 performs strongly overall, and the full-score combination of prescription, medical, and credit data produces the best mortality stratification. Among individual evidence sources, credit data appears to provide particularly strong incremental value, especially in the lower-risk applicant segments that are most relevant to accelerated underwriting programs.
Interested in the most effective ways to implement Risk Score 4.0 as part of your Underwriting program? Reach out to me or your Gen Re Account Executive, and be on the lookout for whitepaper #3, where we’ll discuss how to drive better business outcomes.
