LifeScore Labs, the risk-scoring InsurTech subsidiary of Massachusetts Mutual Life Insurance (MassMutual), has launched a new consumer-facing risk scoring tool.
MyLifeScore360 is a free online risk scoring tool which offer insights into how an insurance carrier may assess their risk. This is based on 10 simple questions such as age, height, weight and whether they smoke, among others.
After completing the list of questions, the consumers are presented with a score between 1 and 100, with 100 being the better score. In addition to this, they receive a report explaining what contributed to the score, helping them better understand how their risk profile impacts life insurance, and potentially aim to improve it.
All of this data is anonymous and not shared with other life insurance companies or third parties. However, if a consumer chooses, this information can be used to explore products which meet their needs.
This new solution is a revamped version of MassMutual’s LifeScore360 solution which launched last year. The cloud-based mortality risk platform enables life insurers to upload 48 de-identified data points to receive a score. This score helps insurers better identify mortality risks.
The launch of these systems is part of MassMutual’s goal of establishing an industry standard risk scoring model which is used by both consumers and businesses.
LifeScore Labs head Sears Merritt said, “Purchasing a life insurance policy can be one of the most important decisions a person can make. As an industry, we can make underwriting more understandable for everyone if both consumers and insurers can use a standard risk score when making buying and underwriting decisions.”
Later in the year, the company is hoping to release disability income and accelerated mortality risk models in 2019.
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