Facial analytics has the potential to streamline the underwriting process. Some insurers are investigating this new technology.
“People think the process is too onerous and the product is too expensive.” That, Legal & General Insurance EVP James Galli told Karen Webster in this week’s TopicTBD discussion, is the perception of getting a life insurance policy.
Facial analytics may play a key role in calculating future life insurance premiums thanks to a North Carolina technology firm claiming its platform returns lifespan estimates more accurate than traditional methods.
Selfies may be most keenly associated with narcissistic young millennials on social media, but they could soon have very serious implications for a person’s future. A company in North Carolina has claimed it can take people’s selfies and use them to predict their life expectancies.
As the old adage says, a picture is worth a thousand words. But for life insurers, the value may go beyond that.
A selfie reveals more than whether it's a good hair day. Facial lines and contours, droops and dark spots could indicate how well you're aging, and, when paired with other data, could someday help determine whether you qualify for life insurance.