Improving underwriting
accuracy is the goal of all life insurers. It is a goal US
technology developer BioSignia claims it can greatly assist
insurers in attaining with its Mortality Assessment Technology
(MAT).
Adding credence to its claim,
US technology giant Computer Science Corporation (CSC) has formed
an alliance with BioSignia to host MAT as an on demand or so-called
cloud-based service.
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“MAT has the potential to
change the face of the life insurance and reinsurance industry,”
said Michael Risley, president of CSC’s life insurance and annuity
division.
According to BioSignia, MAT
has been developed and refined over the past 15 years at a cost of
more than $55m. At the heart of the solution is BioSignia’s
patented Synthesis Analysis, which it describes as a complex
mathematical algorithm that accurately predicts the future health
profile of a specific individual.
Expanding on the rationale
behind Synthesis Analysis, BioSignia explains that although
implications of many health risks such as smoking, high cholesterol
and obesity have long been understood, the cumulative effect of
multiple risks has not.
“Synthesis Analysis is an
equation that analyses the interrelationships of numerous factors
and creates a single, combined profile for each unique person,”
noted the technology developer.
“By hosting MAT as a secure cloud-based service, CSC will
help insurers improve their underwriting and policy pricing
accuracy, ultimately raising their profitability,” commented
Risley.
