MUMBAI: Aegon Life Insurance has started using computer vision and facial analytics for underwriting proposals by using a live video to ascertain the age and general well-being of a proposer. The insurer expects to do away with intrusive medical checks for low-value covers using this technology.
Speaking to TOI, Aegon Life MD & CEO Satishwar B said that the company has been pilot-testing facial recognition technology to identify gender, age and general well-being. This helps in validating information already provided by the proposer.
The use of computer vision goes a step beyond teleconsultation, where a medical practitioner engages with the insurance buyer over a video call.
Aegon has already been using teleconsultation and is now looking at computer vision as a straight-through process. Aegon is part of the Times Group, which publishes this newspaper.
“We started testing with something called an identity check using a 10-15 second video that helped do a face match with the image obtained during the KYC process. We then started testing the same video to identify whether it was male or female, and longevity. We clearly see this as a tech for future,” said Satishwar.
He added the accuracy will improve as the technology is like artificial intelligence and there is constant learning. While currently it only validates the information provided, it could be the only underwriting that is done.
Speaking to TOI, Aegon Life MD & CEO Satishwar B said that the company has been pilot-testing facial recognition technology to identify gender, age and general well-being. This helps in validating information already provided by the proposer.
The use of computer vision goes a step beyond teleconsultation, where a medical practitioner engages with the insurance buyer over a video call.
Aegon has already been using teleconsultation and is now looking at computer vision as a straight-through process. Aegon is part of the Times Group, which publishes this newspaper.
“We started testing with something called an identity check using a 10-15 second video that helped do a face match with the image obtained during the KYC process. We then started testing the same video to identify whether it was male or female, and longevity. We clearly see this as a tech for future,” said Satishwar.
He added the accuracy will improve as the technology is like artificial intelligence and there is constant learning. While currently it only validates the information provided, it could be the only underwriting that is done.
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