Our client, a Fortune 100 life insurance company, wanted to create a mortality risk score for prospects using external medical records like prescriptions, procedures, diagnoses, and surgeries. The medical data would be purchased from an external vendor with an additional expense of close to a million dollars every year. The client thus wanted to determine if this initiative would result in better mortality prediction and save on insurance payouts, to justify the additional cost.
The specific objective was to:
• Quantify the expected value from the mortality risk score created using external medical history of an applicant
Estimated USD 4.5 MM in annual savings driven by improvement in mortality prediction using external medical history of an applicant