American property/casualty and life/health reinsurance firm Gen Re has started testing the prototype of its new facial analytics app that allows customers to buy life, hospital cash and accidental death insurance products quickly.
Dubbed NOW, the new app is powered by Lapetus Solutions’ JANUS facial analytics technology, which enables users to quickly snap a selfie using their smartphone.
After that, the app provides estimated information such as a user’s age, gender and BMI instantly. The new solution streamlines the onboarding process and allows policies to be issued in minutes.
Using the new app, the policyholders will also be able to manage some other aspects of their insurance, such as ‘booking’ specific days they want to be covered in the case of Accidental Death insurance.
Gen Re chairman of the executive board Winfried Heinen said: “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.
“A key privilege of being a direct reinsurer is that we get to know our clients and their goals in great detail. Supporting the development of new products and services remains core to the Gen Re promise.”
At present, a prototype of Gen Re’s NOW app is being tested in English, Japanese, (Traditional) Chinese, Korean, Spanish, Portuguese and Russian languages.