2017 Winner Profile

Massachusetts Mutual Life Insurance Company

Project Description:
Underwriting, the process companies such as Massachusetts Mutual Life Insurance Company (MassMutual) use to evaluate the risk and exposures of potential clients, is a central part of the insurance business. Traditional underwriting relies heavily on highly experienced human underwriters and their understanding of hundreds of rules and complex mortality models. It's also time-consuming, often taking weeks to complete. MassMutual recognized the need to dramatically re-invent its traditional underwriting model for the modern world. MassMutual currently uses state-of-the-art algorithmic and predictive models of risk to help make new business underwriting decisions in its life insurance business. This groundbreaking underwriting process leverages the power of mobile technology to dramatically simplify the collection of health information, uses advanced matching and predictive algorithms to automate connection of client data with industry risk data, and then exercises innovative predictive data science and machine-learning approaches to scientifically assess risk. The net result is a much faster, more consumer-friendly insurance experience for the digital age.
Business Functions:
Order Processing or Fulfillment, Sales
Business Goal:
Other
CIO:
Mark Roellig, Chief Technology and Administrative Officer
CEO:
Roger Crandall, Chairman, President and CEO
Headquarters:
Springfield, MA
Industry:
Insurance
Website:
www.massmutual.com
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