FICO has collaborated with dacadoo to bring AI-powered precision to life insurance.
Takeaway Points
- FICO collaborates with dacadoo.
- The aim is to bring AI to life insurance.
- The collaboration will allow insurers to move from traditional, static underwriting models to a dynamic, behavior-based approach.
Bringing AI to Life Insurance
FICO, a global analytics software leader, said on Wednesday that it has partnered with dacadoo, a global leader in customer engagement via a digital wellness tracking platform and health risk quantification product offering, to enhance the way insurance companies can assess and manage risk, promote health/wellness, and improve customer engagement.
dacadoo will integrate FICO’s advanced AI, analytics, and decision management capabilities from FICO Platform with its health risk quantification risk engine, giving insurers more precise and personalized risk assessments for applicants, helping them better match policies and pricing with each individual, FICO said in a statement.
Alexandre Graff, vice president for global partners and alliances at FICO, commented, “We see the dacadoo platform as a game-changer. It not only helps insurers grow their business responsibly, it helps people better manage their health through the digital health engagement platform. We see tremendous opportunities to infuse FICO’s expertise in AI and decision management into dacadoo’s platform and create a better outcome for insurers and individuals.”
Peter Ohnemus, dacadoo’s president & CEO, remarked, “We have brought to market an innovative solution that enables insurers to target their life insurance products at specific profiles. Through our new partnership with FICO, insurers will be able to use more dynamic data to assess the risk of each applicant, and to design highly personalized insurance products for their customers using advanced decision science. They can use the FICO capabilities to enhance their own risk modelling and create more complex decision trees. We are giving insurers a whole new level of risk assessment precision to help them build their portfolio.”
The Partnership
According to the report, the collaboration will allow insurers to move from traditional, static underwriting models to a dynamic, behavior-based approach, thereby reducing operational costs, increasing customer loyalty, and improving risk management, all while driving long-term profitability.
About dacadoo
dacadoo is a Swiss-based technology company that develops technology solutions for digital health engagement and health risk quantification. Their enterprise SaaS-based digital health engagement platform (DHEP) is a mobile-first solution that leverages behavioral science, AI, and gamification to help end-users improve their health outcomes while helping clients to improve customer engagement and loyalty through personalization.
This platform is available in over 18 languages and can be licensed as a white-label offering or through APIs to develop/enhance custom solutions. Their award-winning Risk Engine, which calculates relative risk on mortality and morbidity in real time, is also available for license through APIs. dacadoo’s global employees are committed to making the world a healthier place. They strongly value security and privacy, with an Information Security and Privacy Management System certified to ISO 27001 and ISO 27701 standards.
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction, and growth for businesses in financial services, insurance, telecommunications, health care, retail, and many other industries.
Using FICO solutions, businesses in more than 80 countries do everything from protecting 4 billion payment cards from fraud to improving financial inclusion to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access, and transparency.
