Lapetus Solutions is a US based startup that is working on ‘life event dependent businesses’. Specifically, the facial recognition technology developed at Lapetus, called Chronos, will enable consumers to buy life insurance online in as little as 10 minutes without taking a life insurance medical exam.
Chronos collects user submitted selfies that are then analysed for complex signals that are taken into consideration to assess risk while underwriting policies. From just a simple selfie, Chronos Facial Analytics technology examines 100s of facial elements to instantly provide the following data points:
- BMI calculation
- Estimated age
- Smoking indication
These metrics can then be used to estimate other underwriting predictors like:
- Lifespan Estimate (LE) and Healthy Lifespan Estimate (HLE)
- Trend analysis on blocks of insured populations
- Mortality trends using Live Life Tables
Ultimately, Lapetu’s underwriting approach leveraging AI and machine learning is an interesting example of where AI can augment current approaches in the insurance business. However, although several life insurance companies are already piloting Lapetus technology, it’s one thing to post a selfie on Instagram, quite another to send it to an insurer for analysis.