If you have a facebook profile and use it frequently, you may have noticed that Facebook can detect your face, registering it to your profile. This technology also recommends who to tag, based on who is in your photo and if their face is registers with their profile. As science expands and technology vastly becomes more incredible through it’s capabilities, facial recognition could become a game changer in the life insurance industry.
Located in North Carolina, a tech company took facial recognition to the next level. Lapetus Solutions from Wilmington, NC developed facial recognition to determine life expectancy by analyzing a person’s face for baggy eyes, double chins, and other facial characteristics.
In connection to life insurance agencies, this software can be used to help determine risks, establishing the best life insurance policy for an individual based on their facial features. This removes the need of spending excessive amounts of money on a medical examiner, keeping the cash in bank and life insurance coverage easily decided.
Although the technology is in the beginning stages it’s expected to continue to expand throughout the next few years. The current state of this software can’t be guaranteed accurate, but it’s a step in the right direction of utilizing technology for the longevity of anyone looking for a life insurance policy.
The Future of the Selfie
The new facial recognition software can analyze your facial features through capturing a simple selfie. A selfie, in an essence, tells you story. Through psychology and behavioral studies there is a lot one can tell about someone’s facial features and body language. To the benefit of life insurance, selfies tell details about a person that life insurance agencies can use to their advantage.
One could expect to see a rise in life insurance customers with this easier to use technology. Pricing and planning decisions are time consuming, but with “Chronos” as Lapetus Solutions named this software, anyone can have a suggested plan in less than 10 minutes.
It’s important that companies follow new trends, advancements in technology and the experience of consumers and clients. Life insurance agencies can drastically gain more customers with this easy tool. People are often skeptical of doctors and input when it comes to a companies wanting more money, however, they do believe in their own knowledge and self. Do you believe in your selfie?