We've written previously about the benefits to insurers of leveraging data automation, AI and machine-learning to reduce the number of questions insurers ask of customers and improve underwriting accuracy.
A great new example of this is Quilt - a US-based life insurance company - who are now giving their customers the option to take a 'selfie' on their mobile as part of the online quotation process. This is analysed in seconds and used to assess the insurance premium.
The main deciding factors for deciding the cost of your life insurance are gender, age and BMI. Quilt are utilising the Chronos API from Lapetus Solutions which combines facial analytics, biodemographic information and dynamic questioning, to return a risk score that is used by Quilt to calculate the premium.
You can try it out yourself at: https://getquilt.com/life-insurance-selfie
We are seeing a clear demand from our clients to use cognitive services and data automation APIs to simplify and improve user experience and risk pricing. Expect to read more about this in our 2018 Insurance UX report early next year!