Recently, The Savings Bank Life Insurance Company (SBLI), which provides life insurance products to individuals and families throughout the U.S., was looking to satisfy the needs of today’s life insurance applicants by providing faster turnaround times, while reducing underwriting costs. To achieve these goals, they turned to advanced analytics and predictive modeling solution, LexisNexis® Risk Classifier, to accelerate life underwriting and remove the need for invasive tests.

Real results drive the recognition.

As a result of its implementation of LexisNexis Risk Classifier, SBLI was a 2017 Celent Model Insurer Award Winner in the “Data Mastery and Analytics” category. The “Data Mastery and Analytics” category highlights carriers that are taking advantage of the data that is available and creating value for their organizations and clients. In its recognition of SBLI’s initiatives for expedited cycle times and enhanced customer experience, Celent highlighted the insurer’s results, including:

  • Reduction in average processing time, which took 25 days prior to implementing LexisNexis Risk Classifier. With the new process, a number of SBLI’s policies are now approved within 24 hours
  • Elimination of the need to draw fluids and conduct exams; and
  • Improvement in policy pricing and the placement of applicants into appropriate risk classes.

In addition, SBLI has been able to reduce the overall underwriting cost per application with a reduction of examiner-gathered and APS requirements. Finally, application count since the initial implementation in late May 2016 has increased SBLI’s business in the smaller face amount bands by 30%. By innovating and embracing predictive modeling in their underwriting process, SBLI has created strong customer relationships and established a competitive edge in the life insurance market.

To learn more, be sure to read “CELENT MODEL INSURER 2017.”

Our mission is to offer affordable, dependable life insurance to all who need it. And to offer this to today’s consumers, we needed an innovative, faster and more affordable customer-centric process. With the help of LexisNexis Risk Classifier, we were one of the first life carriers in the industry to embrace the predictive modeling initiative and use it to improve our customers’ overall experience, which has enabled us to emerge as an innovator in the life insurance industry.”

-Brian O’Connell, Chief Underwriter, SBLI