Case Study: Savings Bank Life Insurance Company achieves 24-hour policy approvals and reduced underwriting costs with LexisNexis Risk Solutions' Risk Classifier

SBLI Awarded for Expedited Cycle Times with LexisNexis® Risk Classifier

The Savings Bank Life Insurance Company (SBLI) is a U.S. life insurer that sought faster turnaround times and lower underwriting costs while reducing invasive tests for applicants. To meet these goals, SBLI adopted advanced analytics and predictive modeling with LexisNexis® Risk Classifier to accelerate life underwriting and streamline decisioning.

Implementing LexisNexis® Risk Classifier earned SBLI a 2017 Celent Model Insurer Award for Data Mastery and Analytics and produced measurable results: average processing time fell from 25 days to many policies approved within 24 hours, the need for fluid draws and exams was eliminated, and policy pricing and risk-class placement were improved.

Savings Bank Life Insurance Company