- FICO (FICO, Financial) and dacadoo have partnered to enhance risk assessment precision in life insurance through AI-powered solutions.
- The alliance promises up to a 30-50% reduction in underwriting time and a 20-30% increase in customer lifetime value.
- Insurers will benefit from hyper-personalized risk scoring and real-time decisioning capabilities.
In a strategic move to transform the life insurance sector, FICO (FICO) and dacadoo have announced a partnership aimed at providing insurers with more dynamic and precise risk assessment tools. By integrating FICO’s sophisticated AI and analytics capabilities with dacadoo's health risk quantification platform, this collaboration is set to enhance the accuracy of underwriting processes and improve customer engagement.
As part of this initiative, the integration will allow insurers to move away from conventional static models to behavior-based approaches, leveraging real-time data and predictive modeling. This shift is expected to significantly lower underwriting time by 30-50% and boost customer lifetime value by 20-30%, enabling more targeted and personalized insurance offerings.
The partnership addresses critical priorities within the insurance industry, with 80% of insurers emphasizing the need for improved underwriting and customer experience. Key capabilities introduced include hyper-personalized risk scoring, behavioral engagement and wellness-driven policy models, and automated decisioning for claims and onboarding.
According to Alexandre Graff, Vice President for global partners and alliances at FICO, the collaboration will not only facilitate responsible business growth for insurers but also empower individuals to manage their health better through dacadoo’s digital engagement platform. This partnership marks a significant advancement in leveraging AI for enhanced operational decisions and consumer benefits in the insurance domain.
