Gen Re’s NOW App Lets Consumers Buy Insurance in Minutes
Gen Re has launched the NOW app, which uses facial analytics technology to offer a quicker and easier way to purchase Life, Hospital Cash or Accidental Death insurance.
Gen Re launches NOW App that uses @LapetusSolution's JANUS facial analytics technology to let consumers buy insurance in minutes. https://t.co/FyTloQ6jPe #insurtech #futureofinsurance #facialanalytics #insuranceinnovation #fintechs pic.twitter.com/IDsB9J1L5B
— Gen Re (@Gen_Re) February 14, 2019
Powered by Lapetus Solutions’ JANUS facial analytics technology, the buying process begins by uploading a selfie from one’s smartphone. The app then returns an estimate of the user’s age, gender and BMI in an instant. This is followed by a streamlined onboarding process, meaning a policy can be issued to applicants in minutes. Through the app, policyholders can also manage aspects of their insurance, such as “booking” specific days they want to be covered in the case of Accidental Death insurance.
“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.” – Chairman of the Executive Board of General Reinsurance AG, Dr. Winfried Heinen.
“The collaboration with Lapetus Solutions brings us closer to the aim of allowing consumers to purchase insurance on their smartphone on the fly, say, in the same time it takes them to travel between two stops on the Tokyo subway. Besides its effect on speed and efficiency, we view the facial analytics module as a gamification feature that brings a more human focus to the onboarding process and attracts and motivates an increasingly tech-savvy audience. We’re excited about working with clients in Asia and beyond to bring the benefits of the NOW app to their customers.” – en Re’s Regional Director for Life/Health in North East Asia, Dr. Dirk Nieder.
The NOW app is currently being tested in English, Japanese, (Traditional) Chinese, Korean, Spanish, Portuguese and Russian.