Algorithmic Underwriting for Life Insurance
The life insurance industry faces a number of challenges: long-term liabilities that can span decades, outdated legacy infrastructure that limits the potential for innovation, and strict regulations that protect consumers but make quick iteration very difficult. At Haven Life and MassMutual, we use algorithms and machine learning models to streamline the customer experience for policy purchases. We leverage both rules-based systems and mortality-targeted models to improve speed to issue, mortality experience for MassMutual, and the overall consumer experience. This presentation will provide an algorithmic overview, and highlight challenges and successes of using AI in the life insurance industry.
Laura McKiernan Boylan, FSA, CERA is the Product Owner for Algorithmic Underwriting at Haven Life, MassMutual’s in-house startup that’s setting the pace for innovation in life insurance. She works with a team of software engineers to build technology that supports direct-to-consumer life insurance sales and underwriting. Prior to joining Haven Life, Laura was an actuary at AXA US. She worked on predictive underwriting, financial advisor analytics, hedging, and reinsurance. Laura received an A.B. in Applied Mathematics from Harvard College.