Could selfies lead the way to cheaper life insurance?
According to reports from USA Today several life insurance companies are testing a new technology called Chronos from Lapetus Solutions Inc.
Chronos uses selfies in a bid to gauge the life expectancy of the selfie's subject, which then decides whether the policy is approved and the pricing structure.
Karl Ricanek Jr., co-founder and chief data scientist at Lapetus has commented on the report saying, "Your face is something you wear all your life, and it tells a very unique story about you,"
The Chronos system can check a number of different factors such as your BMI (body mass index), wrinkles, physiological age (how old you actually look), and whether you’re aging faster or slower than your actual age.
Ricanek has also noted that while Chronos can detect makeup, it can’t detect plastic surgery, which could be a problem for a system that determines how good or bad you look for your age.
This system can be used to provide customers with a life insurance quote in as little as 10 minute simply by sending a selfie. However the new service is not up and running yet as Chronos would need to get regulatory approval from states to use it.
Lapetus’ market research showed people were willing to share their selfies with insurers if it meant a quicker and easier application process and no medical.