Today’s selfie may already be posted on Instagram, but consider this: one day it could be part of your application for life insurance.
NerdWallet reports that several life insurers are testing technology that uses facial analytics and other data to estimate life expectancy.
The tech company in focus, Lapetus Solutions, says its product Chronos, would enable a customer to buy life insurance online in as little as 10 minutes without taking a life insurance medical exam.
NerdWallet explains that state regulatory approval would be required for an insurer to be able to use Chronos in the underwriting process. Once approved, here’s how it would work:
The facial analytics angle is just one example of how life insurers are exploring the use of data, statistical models, artificial intelligence and other innovative techniques in their business.
What do you think?
Check out I.I.I. facts and statistics on life insurance.
Wow! Very Interesting way of underwriting by thinking outside the box. As an life insurance agent with 25 years in the business, this technology would speed up the process for clients and help us place more policies in force. Thanks for the information.