Take a Selfie, Qualify for Life Insurance?

[Brian Anderson]

A North Carolina company says several life insurance companies are testing its technology where a “selfie” could be used estimate a person’s life expectancy, and potentially qualify for near-instant life insurance coverage.

From an April 20 AP story:

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…

Several life insurance companies are testing Lapetus technology that uses facial analytics and other data to estimate life expectancy, [says Karl Ricanek Jr., co-founder and chief data scientist at Lapetus Solutions Inc.]. (Lapetus would not disclose the names of companies testing its product.) Insurers use life expectancy estimates to make policy approval and pricing decisions. Lapetus says its product, Chronos, would enable a customer to buy life insurance online in as little as 10 minutes without taking a life insurance medical exam.

Life insurers already gather other data with your permission to get insight beyond the information you supply on the application. For example, they often pull motor vehicle records, prescription drug histories and reports from an insurance industry database of certain information disclosed on past individual life and health insurance applications.

Many life insurance companies are exploring how to use additional data, statistical models, artificial intelligence and other techniques to help make quick decisions to ease the policy buying process and boost sales. Consumers don't like the wait on the typical application process, which can take weeks and often requires a medical exam.

Time and testing will tell which new approaches prove effective, says Robert Kerzner, president and CEO of LIMRA, a life insurance trade group. “This one may or may not meet the vetting process to make carriers comfortable,” he says.

Geez, what’s next? They going to predict your life expectancy by analyzing your voice on a call? Last month posted an article about GWG Life using saliva samples to analyze overall health and life expectancy (second link below) and now this?

Could selfies affect life-insurance rates? - Orlando Sentinel

Insurance Forums | Advances in underwriting: Saliva samples now being used to analyze biomarkers of settlement prospects

 

[Justin Bilyj]

It doesn't specify what type of life insurance it is i.e. term or perm, or the cost comparisons for consumers using this method - meaning it could be a marketing gimmick that's selling two year graded colonial penn type plans to consumers.
Just playing devil's advocate..

 

[FEX Quotes]

Can you say table 6

 

[WinoBlues]

Can you say table 6

Are saying they are using the great state of Kentucky as a test subject?

 

[TampaHound]

All jokes aside...technology is going to play more and more of a role in how people buy life insurance and in 2 or 30 years almost everything will be done online as well.

Our job may not be replaced by a robot anytime soon but technology is going to play an ever increasing role, be thankful we don't sell car insurance. That business will be completely gone in my lifetime.

 

[pfg1]

Can you say table 6

I'd say if they get that offer, they better take it!!

Agree, technology is moving that way. There are already several companies that will UW big cases (term and perm) with no med exam and more on the way.