White Paper|December 15, 2023

Irix® Risk Score stratifies mortality risk with the addition of Credit Data

Munich Re's white paper shows how adding Credit Data to Risk Score can significantly improve carriers’ ability to segment mortality risk.

Munich Re found that adding Credit Data to Irix® Risk Score 3.0 significantly increased the proportion of total scored lives and delivered even steeper risk stratification than Prescription Data and Medical Data inputs alone. The report emphasizes the potential benefit of the Credit Data addition when the model is used to triage applicants for automatic underwriting.

Compared to using Risk Score with Prescription Data and Medical Data in a simplified triage model, adding Credit Data raised the straight-through processing rate from 71% to 82%.
The relative mortality for the lives triaged into accelerated underwriting was lower under the combined score model with all three data sets.
The addition of Credit Data made Risk Score particularly effective at segmenting mortality of applicants aged 30 to 59.

The report concludes, “In the context of a fluid-less underwriting triage tool, the Prescription Data with Medical Data and Credit Data score provides better risk segmentation with more lives scored than earlier versions of the Risk Score, allowing carriers to achieve higher STP with better mortality.”

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