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When we hear the term “selfie”, you immediately think of a filtered, self-portrait taken on your phone. Now, your selfies can tell a little bit more about you than a good makeup or hair day. New technology has been created to scan selfies to determine your general health. Now, insurance companies are beginning to utilize this new technology to their advantage.
The Technology
This new technology would be able to sign potential clients up for a life insurance plan in only about 10 minutes. It can scan your selfie and collect data from specific points on your face. It is used to determine factors like your age and how it compares to the average facial scan of someone your age. It also determines if you are aging faster or slower than others your age. This selfie-scanning software can also go beyond your age and can find out your BMI and any physical disabilities that may be linked to health issues.
Lapetus Solutions Inc. are the developers of this new technology called Chronos. With this advancement, you would no longer need a full medical exam to apply for medical insurance. Lapetus is also beginning to explore how a facial analysis can identify signs of diseases such as diabetes, dementia, and even if you are someone who smoked or is a current smoker.
The Insurance
Insurance companies are now testing this technology to be able to offer insurance plans to potential clients in minutes. Chronos would be able to collect data to essentially predict the life expectancy of a given client. This allows insurance companies to create a policy and price based around a mere selfie.
There would definitely be an explicit process to submitting selfies to insurance companies. Since we live on the internet and mobile-driven society, insurance companies must keep up with the fast-paced demands of their clients. The president and CEO of LIMRA, a life insurance trade group commented that the technology can detect makeup but not plastic surgery.
Ideally, the benefit of this new technology in the insurance field is to not have customers wait through a grueling application process for medical coverage. It allows insurance companies to keep up with the fast-paced culture driven by the internet.
The incentive for insurance companies to use the technology is because they lose money from medical exams. As well, according to LIMRA, fewer people are purchasing insurance. There is also an incentive for buyers to share their selfie with insurance companies. A selfie allows potential buyers to get covered quickly.