Love Selfies? They Could be the Future of Life Insurance

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The marriage of AI and Life Insurance

Soon, our insurers might scan our selfies with the objective to give us better Life Insurance quotes. Are you about to buy Life Insurance? First, let me take a selfie.

Lapetus Solutions Inc. (LSI) is a science and technology growth organisation. They create and develop platforms and tools for emerging ‘life event prediction’ industries. These industries then use this innovative technology to replace their existing reliance on traditional forms of life event predication with quicker and more exact results.

How it’s going to Work

Let’s presume your insurer has opted to use the software; you will upload your selfie on to their website, and then be asked specific health questions and additional personal information questions. Then, the AI technology will scan numerous points on your face, allowing it to draw out certain health information, like your BMI, your physiological age; how old you look, and whether you look like you are aging quicker or slower than your actual age.

Your insurer would combine your application answers with your selfie results, sending you to a web page to buy Whole of Life Insurance or Term Life Insurance if you are ‘approved for coverage’.

Life Insurance Companies Using Technological Techniques

Countless Life Insurance Companies are discovering how to use additional data, facial analytics technology, artificial intelligence and various technological techniques to make faster decisions that will ease the policy buying process and increase insurance sales.

Are There Disadvantages?

• We may not be able to use pictures we have already taken on apps like Snapchat and Instagram that give people the option to use facial filters.
• The older generation may feel intimated by the intelligent technology and not see it as a reliable form when wanting to know whether they need Life Insurance.
• Health Insurance companies could abuse the technology and raise the cost of premiums of people who are ‘approved for coverage’.

In addition to this, if the insurer thinks a medical examination is necessary; people will have to experience further delays in trying to get cover.

Regardless of the disadvantages, several life insurance companies that chose not to be named are said to be currently testing Lapetus technology in an attempt to harnesses the advantages of artificial intelligence software to estimate life expectancy.

The UK insurance industry is the third largest industry in the world, according to the Association of British Insurers. So if life insurance policy producing artificial intelligence is a hit, will all of us soon start using our selfies to get life insurance quotes?

Contact Quick Quote Protect now for an obligation free quotation and we will advise you on the best life insurance policy for you.