Global reinsurer Gen Re has developed a new mobile application that uses facial analytics technology to help customers purchase Life, Hospital Cash and Accidental Death insurance policies.
The NOW app uses technology by Lapetus Solutions to quickly estimate factors such as a user’s age, gender and BMI based on an uploaded image of their face.
Gen Re claims that the solution will streamline the onboarding process and allow policies to be issued to applicants in minutes.
Policyholders will also be able to manage some aspects of their insurance, such as ‘booking’ specific days they want to be covered in the case of Accidental Death insurance.
“Gen Re understands the power of innovation and the launch of our NOW app is testament to our commitment to bringing the best ideas in the Insurtech space to our clients in order to develop insurance solutions that meet the expectations of today’s tech-savvy and time-pressed consumers,” said Winfried Heinen, Chairman of the Executive Board of Gen Re.
“A key privilege of being a direct reinsurer is that we get to know our clients and their goals in great detail,” he continued. “Supporting the development of new products and services remains core to the Gen Re promise.”
Dirk Nieder, Gen Re’s Regional Director for Life/Health in North East Asia, also commented: “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.”
Besides its effect on speed and efficiency, we view the facial analytics module as a gamification feature that brings a more human focus to the onboarding process and attracts and motivates an increasingly tech-savvy audience,” he added.
“We’re excited about working with clients in Asia and beyond to bring the benefits of the NOW app to their customers.”
A prototype of Gen Re’s NOW app is currently being tested in English, Japanese, (Traditional) Chinese, Korean, Spanish, Portuguese and Russian.