Gen Re’s NOW App Uses Facial Analytics to Let Consumers Buy Insurance in Minutes

When it comes to buying insurance, how often do we hear that it’s not
the purchase that’s the grudge, but the process?

COLOGNE, Germany–(BUSINESS WIRE)–Gen Re’s NOW app uses facial analytics technology to offer a quicker,
easier – and fun – way to purchase Life, Hospital Cash or Accidental
Death insurance. The prototype was just launched.

The buying process begins by uploading a selfie from your smartphone.
Powered by Lapetus Solutions’ JANUS facial analytics technology, 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.

Talking about the launch of the prototype, Dr. Winfried Heinen, Chairman
of the Executive Board of General Reinsurance AG 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.”

When asked about developing the NOW app, Dr. Dirk Nieder, Gen Re’s
Regional Director for Life/Health in North East Asia, replied:

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”.

The NOW app is currently being tested in English, Japanese,
(Traditional) Chinese, Korean, Spanish, Portuguese and Russian. It is
one of a suite of Insurtech-based solutions that Gen Re is currently
developing in collaboration with technology companies around the world,
with our clients in mind. To find out more about how we are shaping the
future of insurance, visit www.genre.com/futureofinsurance.

For more information on the NOW app or to arrange a demonstration for
your business, please contact your local Gen Re representative or:

Dr. Dirk Nieder, Life/Health Regional Director Northeast Asia, email: nieder@genre.com.

About Gen Re:

Gen Re delivers reinsurance solutions to the Life/Health and
Property/Casualty insurance industries. We work closely with our clients
to understand their strategic and operational goals, offering a wide
range of products, tools and resources that aim to promote our clients’
ongoing growth and success.

Gen Re is a member of the Berkshire Hathaway family of companies and has
earned superior financial strength ratings from each of the major rating
agencies. We take our commitments very seriously. And with $14 billion
in capital and $6 billion in premiums, we only make promises we can keep.

About Lapetus:

Lapetus Solutions Inc. (LSI) integrates science and technology with
machine learning to develop tools and platforms that enable industries
relying on life event prediction to reduce and replace their dependence
on traditional assessment methods with faster, more cost-effective and
increasingly accurate results.

Contacts

Gen Re
Media: Sabine Denné, VP Media & International Marketing,
email: denne@genre.com
www.genre.com

Lapetus
Media: Janet Anderson, Chief Marketing Officer, email: janet@lapetussolutions.com.
www.lapetussolutions.com