FICO, a global analytics software leader, has partnered with dacadoo, a digital wellness tracking platform and health risk quantification company, to revolutionize life insurance underwriting. The collaboration aims to move insurers from traditional static models to dynamic, behavior-based approaches using advanced AI and analytics.
Key Elements of the Partnership
The integration of FICO’s AI and decision management capabilities with dacadoo’s health risk quantification engine will enable insurers to make more precise and personalized risk assessments. This will allow for better policy pricing and customization for individual applicants.
- FICO’s advanced AI and analytics from FICO Platform will be integrated with dacadoo’s risk engine
- Insurers will gain access to more dynamic data for risk assessment
- The partnership aims to reduce operational costs and improve customer loyalty
Enhanced Risk Assessment Capabilities
Alexandre Graff, FICO’s vice president for global partners and alliances, noted that the dacadoo platform is a “game-changer” that helps insurers grow responsibly while improving customer health management through digital engagement. Peter Ohnemus, dacadoo’s president and CEO, stated that the partnership will enable insurers to create highly personalized insurance products using advanced decision science.
Benefits for Insurers
The collaboration promises several key benefits for insurance companies:
- Transition from static to dynamic, behavior-based underwriting models
- Reduced operational costs through more precise risk assessment
- Increased customer loyalty through personalized insurance products
- Improved risk management capabilities
- Enhanced long-term profitability
About the Companies
- dacadoo is a Swiss-based technology company specializing in digital health engagement and health risk quantification. Their platform is available in over 18 languages and is certified to ISO 27001 and ISO 27701 standards for security and privacy.
- FICO is a pioneer in using predictive analytics and data science for operational decision-making. The company holds over 200 US and foreign patents and powers decisions for businesses worldwide.
The partnership between FICO and dacadoo represents a significant advancement in the life insurance industry, leveraging AI and advanced analytics to create more personalized and accurate risk assessments.
