Captricity develops life insurance automation products with MetLife, MassMutual
MetLife is the launch client for Captricity's CaseCorrect platform, which automates policy processing to detect missing or inaccurate information.
Over the course of three months, Captricity worked with MetLife on a pilot version of the software. CaseCorrect is able to analyze incoming life insurance applications and find violations of business rules in a short time, cutting processing time and automating notifications for agents or policyholders.
“In order to transform our exception handling processes and reduce manual errors, MetLife and Captricity co-developed CaseCorrect,” said Eoin O’Reilly, vice president process automation, global technology and operations, MetLife. “With CaseCorrect, errors are detected automatically and corrected by the operations team in an easy-to-use digital interface, reducing cycle times and ensuring a more accurate process for our customers.”
Captricity also is exploring a partnership with MassMutual on LifeRisk 360, a more comprehensive data-driven life underwriting platform. Using decades of data digitized by Captricity, MassMutual developed mortality-risk scoring technology in its data science lab that the companies will make available to other insurers on a fee-for-service basis .
“We are excited to introduce LifeRisk 360 – an innovative and distinct life insurance risk assessment platform designed to bring new intelligent insights into a largely manual process,” says Sears Merritt, chief data scientist for MassMutual. “By leveraging linked data elements and machine learning methodologies, our objective is to further reduce underwriting decision time and improve mortality risk selection.”