Facial recognition identification enhances the experience of using the Bett3r and My AMP apps, according to AMP’s director of digital and design, Michael Weeding.
The use of facial analytics and recognition technology looks set to become more widespread in financial services if developments in the US life insurance market are anything to go by.
A North Carolina technology firm, Lapetus Life Event Solutions, recently developed CHRONOS, an end-to-end underwriting platform that predicts a person’s life expectancy by scanning hundreds of points on their face to extract information.
Already being trialed by a select number of international life insurers, the CHRONOS technology is of interest to Australian life companies as it plays into a space that they are exploring.
“It’s effectively predictive underwriting through data analytics, which we’ve been looking at for a little while now. The work that we’ve done so far does demonstrate that it is extremely accurate,” MLC Life head of underwriting Simon Dent said.
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