People Will Be Approved For Life Insurance in Minutes in Near Future
San Diego, United States - November 18, 2017 /PressCable/ —
For many years, getting approved for a life insurance policy has been inconvenient and intrusive. In decades past, an adult seeking life insurance usually had to get a health exam, and sometimes wait for months while the insurance company gathered together the personal data they needed to make a judgment about how much it would cost them to insure this particular individual.
Soon, much of this will be a thing of the past. Life insurance is trending away from the medical exams, and the lengthy manual process of human beings analyzing consumer data to determine costs. The answer, as is so often the case in the modern world, is big data. Perhaps surprisingly, however, is that much of this data may be written right on one’s face.
Personal Data Tells a Story About One’s Health
There is more information available about a consumer, than there has been at any other time in history. Traditionally, a person seeking life insurance would have to provide much of this information to the insurer. Today, the insurer can get a bunch of it just fine. What’s more, computers and algorithms can analyze consumers’ personal data in minutes, providing a final offer in no time at all. It’s as close to instantaneous as life insurance provision has ever been, though this process is just beginning to emerge in the industry.
According to Brian Clune of TermLife2Go, “It is an exciting time within the life insurance industry. We are seeing signs that it is catching up with technology, which is providing the opportunity for more people to get the life insurance policy they always knew they needed, but never could find the time to get.”
The data involved in determining a person’s life insurance policy in the near future will include examples from the following sources.
Use of prescription medications throughout their lifeDriving and mobile vehicle recordsTheir credit historyHealth information from the Medical Information Bureau
Their Face Gives Important Clues About Their Health
The most unusual source for consumer data currently in development involves using algorithms to analyze patient selfies to determine their health history and probably lifespan. People may not think that their face can reveal all of this information, but the analysis of millions of faces and personal records reveals that this is possible. And it is likely going to replace the routine medical exam that has always gone along with life insurance.
Certain kinds of bags under the eyes reveal if a person has smoked, and for how long. Skin health and complexion can reveal a great deal about current illnesses, even ones that are unknown to the patient. The face also reveals a patient’s physiological age – the amount their body has worn or aged, without regard to their actual age.
All of these techniques and more will make applying for life insurance much easier and faster. It can be scary for consumers to know that life insurance companies can get that much information about them, but it’s an exchange which will provide better services to people everywhere, and better peace of mind for all.
Contact Info:
Name: Brian Clune
Organization: TermLife2Go
Address: 4876 Santa Monica Avenue #242, San Diego, CA 92107, United States
Source: PressCable
Release ID: 266510
