Gen Re has launched a prototype allowing consumers to purchase insurance by using facial analytics.
Using Lapetus Solutions’ Janus technology, the capability allows applicants purchase life, hospital cash or accidental death insurance by uploading a selfie from their smartphone. The engine calculates an estimation of age, gender and BMI to generate a premium.
The technology is bundled in an app branded “NOW” and is being tested in English, Korean, Japanese, Spanish, Chinese, Portuguese and Russian for the Asian market. The NOW app allows policyholders to self-manage their accounts, allowing “booking” on specific days for coverage.
“Besides its effect on speed and efficiency, we view the facial analytics module as a gamification feature that brings a more human focus to the onboarding process and attracts and motivates an increasingly tech-savvy audience,” says Dr. Dirk Nieder, Gen Re’s Regional Director for Life/Health in North East Asia.
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