Global reinsurer Gen Re has developed a new mobile application that uses facial analytics technology to help customers purchase Life, Hospital Cash and Accidental Death insurance policies.
facial-recognition-softwareThe NOW app uses technology by Lapetus Solutions to quickly estimate factors such as a user’s age, gender and BMI based on an uploaded image of their face.
Gen Re claims that the solution will streamline the onboarding process and allow policies to be issued to applicants in minutes.
Policyholders will also be able to manage some aspects of their insurance, such as ‘booking’ specific days they want to be covered in the case of Accidental Death insurance.
“Gen Re understands the power of innovation and the launch of our NOW app is testament to our commitment to bringing the best ideas in the Insurtech space to our clients in order to develop insurance solutions that meet the expectations of today’s tech-savvy and time-pressed consumers,” said Winfried Heinen, Chairman of the Executive Board of Gen Re.
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