PRODUCTS & SOLUTIONS

New products and solutions are always in development at LSI. While our first product, CHRONOS, is focused on the life insurance industry, we will be launching new products and solutions throughout 2016 and beyond, including new innovations in the use of wearable data.

Our product and solutions development focus is currently centered on these industries: Actuarial consulting, Financial planning, Health care, Life insurers, Life settlements, Long term care, Pension funds, Annuities, Reinsurers.
Healthy lifespan estimate module is available now. Learn more.

If your business depends on lifespan, healthy lifespan, mortality or morbidity prediction, chances are that we have a product in development that will be of interest to you.  

Please feel free to contact us for more information, check back here for new product updates and launches and sign up for our quarterly newsletter (First edition: March 2016).

changing the face of
insurance underwriting

While traditional underwriting can take up to a month,
CHRONOS delivers more accurate results in seconds.

Combining facial analytics, biodemographic information and constantly evolving life event data, CHRONOS returns the most precise and reliable scores available.

A FULLY AUTOMATED END-TO-END PLATFORM
THAT TURNS PROSPECTS INTO POLICYHOLDERS IN UNDER 10 MINUTES

All they have to do is provide a photo, answer 9 simple questions and CHRONOS does the rest.

Contact us for a live demonstration of the underwriting and purchase process using CHRONOS. You'll discover how to save both time and money while providing faster, smoother customer experiences.

WORKING WITH CHRONOS

CHRONOS has been designed as a modular platform that can be easily integrated into existing underwriting practices and protocols or stand on its own. Our IT team customizes CHRONOS to the specific requirements of each insurer and then works to ensure a smooth and effective integration process.

FLEXIBILITY

Our business model and modular design means that insurers can choose to use all or part of the power of CHRONOS, according to their individual needs.  

SPEED

We recommend a 6-month trial and integration process, comprised of 4 Phases.

  • PHASE 1
  • PHASE 2
  • PHASE 3
  • PHASE 4
  • CUSTOMIZED UNDERWRITING ASSESSMENT
  • IT
    INTEGRATION
  • RISK AND COMPLIANCE ASSESSMENT
  • GO-TO-MARKET
    STRATEGY
  • - Initial test (backtest or bin placement comparison)
    - Assessment
    - Module customization and design of output for pilot test
    - Review of test
    - Reconciliation/Prepare for full trial
  • - Current client IT assessment
    - Client current data process mapping through policy generation
    - Chronos integration 
    - Policy and pricing data uploaded
    - Data and network security review
  • - Additional trials based on enterprise risk feedback
    - Science and algorithm review/certification
    - Adverse selection/fraud detection
    - Data security
    - Address compliance specific elements
  • - Integration of CHRONOS solution into marketing and brand
    - Consumer segmentation strategy
    - Client vision for underwriting with CHRONOS
    - Client product vision for leveraging CHRONOS
    - Review of final product specifications
    - Product launch schedule

CHRONOS FAQ's

Here are answers to the questions we are most frequently asked about CHRONOS. If you have another question or want to learn more, please feel free to contact us.

Can CHRONOS determine a person's lifespan from a photograph of their face?

No, but it is certainly an important part of the process of predicting human lifespan. It adds to the reliability of traditional methods and can more accurately estimate survival at the extremes of the mortality distribution. In combination with responses to certain bio-demographic questions, it provides greater certainty in the establishing of a given risk profile.

What if someone uses another person's image?

The image is required to be similar to their driver's license image and is verified in the application process. 

Won't it take many years to see if the loss ratios meet the pricing assumptions?

The assumptions have already been validated based on extensive analysis of hypothetical prospective events. What sets CHRONOS apart is the reliability of predictions. CHRONOS acknowledges the importance of cohort influences on the duration of life. By validating the method over decades of research our approach has proven to be more efficient and reliable than current traditional underwriting practices.

How does this process address adverse selection?

The photograph enables us to assess smoking history, Body Mass Index (BMI), and certain disease risk factors. Only BMI can be measured objectively, everything else for the most part is self-reported. CHRONOS has the ability to address adverse selection better than current underwriting practices where detailed information is not verified through medical records. 

Why wouldn't you utilize driving records and medical reports in determining lifespan?

Translating driving records into mortality risk yields has tended to provide less reliable mortality estimates.

CHRONOS uses an applicant's drivers license picture as part of its process, and has access to driving records.

Will CHRONOS increase profitability and save time?

Yes. The cost of traditional underwriting systems is approximately $400 per person (sometimes much more depending on the value of the policy), plus 4x the premium. CHRONOS can remove the 4x factor and lower all underwriting costs above $400.

The CHRONOS system can process an underwriting proposal faster and more accurately, often in 10 minutes or less. Current underwriting practices can take up to a month to establish any given proposal.

How can CHRONOS be integrated with my current system?

CHRONOS can be used to augment current underwriting and once fully functioning, can entirely replace your current underwriting processing system. CHRONOS can be tailored to suit the particular needs of each insurer. 

Can the system be easily integrated?

CHRONOS can be integrated and implemented with the help of the CHRONOS technology team, who will ensure an efficient, seamless transition.  

Are traditional actuarial processes still relevant?

Yes. Traditional actuarial practices that are proven to be effective are fully incorporated into CHRONOS' system. Those that don't work have been eliminated; those that are partially effective are utilized only where applicable and for the period in which they are effective leaving only those that are demonstrably effective.

We haven't eliminated traditional underwriting processes. Rather, CHRONOS uses those that have proven to be effective and either eliminates or supplements those that aren't by adding innovative enhanced predictors.

So, what is it that sets CHRONOS apart?

CHRONOS has determined from decades of empirical research those estimates of survival that are reliable. The system is fundamentally supported by scientific research, academic publications and statistical analysis. By incorporating three new elements into life event prediction that have never before been used (bio-demography, facial analytics, cloud computing) and by eliminating considerations previously used by the industry that were unreliable or invalid, CHRONOS sets a new standard for accuracy, reliability and speed in the underwriting process.