In a new white paper, RGA experts Mark Ma, Guizhou Hu, and Taylor Pickett present the results of their actuarial validation of Milliman Irix® – Risk Score 3.0 with Credit, a commercial risk-scoring product that combines prescription drug, medical billing, and credit data to generate four different scores for mortality risk segmentation.
Munich Re assessed LexisNexis Risk Classifier, a predictive modeling tool developed and owned by LexisNexis Risk Solutions, Inc. that accurately stratifies mortality risk using public records, consumer credit history and motor vehicle history. Insurers considering alternative data-based mortality scores should begin with a retrospective validation study on their own experience data.
The predictive power of credit behavior data can accelerate the underwriting process for life insurers.
Could credit scores have a predictive value on determining subsequent mortality experience? Dean Connor, President and CEO of Sun Life, explained how his company is exploring this question.
Bad Drivers Pay More for Car Insurance but Do They Know it Also Affects The Price of Life Insurance?
While a person’s driving record affects the price they pay for car insurance, LIMRA research found only 36 percent of consumers know their driving record could affect the price of life insurance.