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Gen Re develops facial analytics app for insurance buyers

In View Summary

Gen Re, a global reinsurer has launched a new app ‘NOW’ that uses facial analytics technology to help customers purchase Life, Hospital Cash and Accidental Death insurance policies.

Gen Re‘s ‘NOW’ app, which uses facial analytics technology on users’ selfies to provide insurance quotes within minutes

The application runs on software developed by Lapetus Solutions which quickly estimates factors such as a user’s age, gender and BMI based on an uploaded image of their face. The application streamlines the onboarding process and allows policies to be issued to applicants in minutes. Policyholders can also manage some aspects of their insurance, such as ‘booking’ specific days they want to be covered in the case of Accidental Death insurance.

The application is still in beta testing but will ultimately make customer authentication and on-boarding more seamless for customers and safer for end-users.

Dirk Nieder, Gen Re’s Regional Director for Life/Health in North East Asia said: “The collaboration with Lapetus Solutions brings us closer to the aim of allowing consumers to purchase insurance on their smartphone on the fly, say, in the same time it takes them to travel between two stops on the Tokyo subway.”

Reported Benefits

Benefits to Customers:

  • Less operational costs
  • Increased customer engagement
  • Less time consuming
  • Product and service innovation

Benefit to the Insurer:

  • Less turnaround time
  • Increased customer engagement
  • Product and service innovation
  • Affordability
  • Convenience

The Digital Insurer's View

Use of facial analytics in insurance has always been an interesting idea and Gen Re is one of those exploring the practical application of this technology. The solution will not only eliminate the hassles of tedious onboarding but also make it more customer friendly.

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