With shifting customer expectations, we consistently invest in ways to deliver a modern underwriting experience that is quick, easy and less invasive for our clients.

That’s why we utilize data and predictive modeling tools, such as the LexisNexis Risk Classifier as an alternative approach to assess risk in our WriteFit Underwriting program. 

The LexisNexis Risk Classifier is a predictive modeling tool that stratifies relative mortality risk by utilizing data in compliance with the Fair Credit Reporting Act (FCRA). It supports us in delivering a fast and easy underwriting experience for our clients, accounting for mortality risk while reducing the need for laboratory requirements.

The Risk Classifier provides the relative mortality risk of an applicant based on individual behavioral factors. Attributes such as property ownership, professional licenses, criminal history, driving history, and account management are used to determine an aggregate score that reflects a relationship with mortality risk, with positive attributes increasing the score, and negative attributes decreasing it.

For instance, a high risk classifier score may be indicative of healthy behavior, while a low risk classifier score may be indicative of higher risk behaviors, correlating to a higher relative mortality risk.

Since the introduction of the WriteFit program, we’ve customized our underwriting guidelines too, as we’ve monitored the performance of the Risk Classifier Score.

Here are some Risk Classifier findings we’ve noticed:

• It improves the client experience by facilitating underwriting that does not require invasive requirements

• It facilitates a quick underwriting decision and improved placement rates so we can provide more protection for clients 

As the industry changes, Securian Financial continues to invest in emerging tools to support less invasive, customer focused underwriting, just as we have with the Lexis Nexis Risk Classifier score.