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Underwriting is critical to insurance profits: Identify, qualify, and quantify the risk that an insurance policy covers and set the premiums across a pool of the policies to cover the risk. It is the original hedge fund, in many ways. But identifying the likelihood of the risk has been difficult historically. Life insurance underwriting, generally speaking, relies on a combination of mortality tables issued every number of years, some basic lifestyle information and some information about the potential insured’s medical history, all grouped together to assign the insured to a particular premium band, such as “male preferred nonsmoker” or “female select.” There has been limited gradation beyond that over the years.