Gen Re has announced the addition of Mortality Assessment Technology (MAT), a tool ttraditionally used by carriers for life insurance underwriting, as it seeks to implement the software in the reinsurance market for the first time.
"Our aim is to improve the profitability of our client’s business," said James Greenwood, SVP of individual products at Gen Re, in a statement. "Gen Re has been long respected in the industry for our innovations in underwriting substandard and elderly risks and recently has focused much of our decision analytics work in developing our new facultative programs. MAT will further improve our offerings and help our customers become more competitive in the market through increased placement rates."
The global life and health reinsurer also announced an exclusive license for "Synthesis Analysis", a patented statistical methodology used to build prediction models.
Gen Re’s current Vice President and Chief of Decision Analytics, Guizhou Hu, was the inventor of "Synthesis Analysis" in his prior role at BioSignia, a provider of risk assessment technologies, according to Gen Re. While there, he also helped develop MAT, which has been available to life insurers since 2011.
"Using the unique statistical approach [Synthesis Analysis], MAT serves to better differentiate an individual's mortality and more confidently classify the customer’s risk profile," Hu said.
