Alliance will give insurers more flexible and precise risk assessment for life insurance, enabling greater targeting and personalized offers
Global analytics software leader FICO and dacadoo, a global leader in customer engagement via a digital wellness tracking platform and health risk quantification product offering, have partnered 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.
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“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.” Peter Ohnemus, dacadoo president & CEO
“We have brought to market an innovative solution that enables insurers to target their life insurance products at specific profiles,” said Peter Ohnemus, dacadoo’s president & CEO. “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.”
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The partnership empowers insurers to shift from traditional, static underwriting models to a dynamic, behavior-based approach reducing operational costs, enhancing customer loyalty, and improving risk management, all while driving long-term profitability. With over 80% of insurers identifying improved underwriting and customer experience as critical priorities, this collaboration enables key capabilities such as:
- Hyper-personalized risk scoring and underwriting
- Behavioral engagement and wellness-driven policy models
- Real-time decisioning for claims and onboarding
- Predictive modeling for claims, lapses, and customer lifetime value
The two firms estimate that insurers using their combined solutions could achieve a 20–30% increase in customer lifetime value through personalization and engagement, and a 30–50% reduction in underwriting time via automated, real-time decisioning.
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“We see the dacadoo platform as a game-changer,” said Alexandre Graff, vice president for global partners and alliances at FICO. “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.”
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Source – PR Newswire
