Digital Advances And Technology
Silver Rock Partners has uncovered an intriguing article in The Royal Gazette that looks at the possible transformation of the life insurance industry through the use of innovative facial analytics. With digital advances and technology ubiquitous throughout all industries today, it is no surprise that facial analytics would make its way into the life insurance business.
The Benefits Of Facial Imaging
The possibilities of a high-tech technique for assessing people's life insurance risk may indeed revolutionize the industry sooner rather than later. This is according to an expert at a recent meeting and discussion in Bermuda. The gathering of life insurance experts also debated the benefits of facial imaging and how it may relate to advancing current techniques for risk assessment.
Bottom Line Performance
One expert, Prof. S Jay Olshansky also discussed the likelihood that these techniques would be more accurate and faster than existing strategies. The good news for consumers and insurance firms is that this advanced technology may indeed result in more realistic premiums, reduced costs and better overall bottom line performance for insurance companies around the world.
The main thrust of the technology is that it may provide better and more accurate determinations with regard to predicting how long people will live and how healthy they will be throughout their lifetime. This technology clearly may alter the way life insurance underwriting is conducted going forward. Current underwriting procedures and strategies require up to a month and are typically based on blood chemistry and clients answering a series of questions.
Takes Advantage Of Predictive Calculations
It is important to note that much of the data collected today using current procedures and techniques is not accurate in terms of determining survival rates. Technology that takes advantage of predictive calculations with regard to future health and longevity and that uses facial recognition and analytics can help to reveal behavioral risk factors.
Streamline The Risk Assessment Process
This technology can also help to determine the overall propensity for a long life. Many experts present at this recent gathering feel that this technology will revolutionize the entire life insurance industry and streamline the overall risk assessment process. As an added benefit, life insurance firms will likely save a substantial amount of money by alleviating the need for blood chemistry testing.
Online Based Assessment
This is especially true with regard to attracting new insurance clients who would rather not have invasive procedures performed that are so often required for typical blood chemistry testing. The future is clearly in online-based assessment for life insurance and will likely only make it easier and more convenient for people of all ages and all backgrounds to gain access to quality life insurance products.
Easy Insurance Acquisition
When individuals can go online and answer a few questions along with uploading a facial image for quick and easy insurance acquisition, there will undoubtedly be a greater number of people who will take advantage of current and existing life insurance products. When the process is reduced from weeks to hours, the end result is better and more widespread coverage for the general population.
Strides And Advances
A more accurate and detailed approach to risk assessment that is based on the science of aging and that makes use of modern technology can only serve to help the insurance industry from both a life insurance firm and consumer perspective. It should also be noted that the science of aging is making great strides and advances in helping people live longer. From slowing the aging process to identifying genes that are directly related to the aging process, science and technology will likely help to extend life expectancy in the very near future.