Lapetus Solutions is a company that gathers the expertise of doctors, aging, biostatistics, facial analysis experts, data scientists, computer engineers, artificial intelligence experts.
The goal is to develop products for the so-called “life event market”, namely all those markets which can benefit from predictive analysis.
The insurance industry is certainly one of these: big data technology, artificial intelligence, analytics, can grant to switch from a reimbursing insurance to a protecting one. By combining technology with the great advances made by medical sciences as well, the leap towards new insurance models, towards “preventive insurer” can be amazing.
Chronos is the proof. The technology developed by Lapetus Solutions, conceived for the insurance industry, in particular to support life insurance branch, gives the possibility of being more accurate, quick and prognostic by simply analyzing a face picture. Chronos reduces to a handful of minutes, a process that usually takes weeks to be performed.
Chronos applies machine learning algorithms to extract human faces from images. Its AI engine seeks out those complex signals taken into account by insurance carriers when issuing life insurance policies and thus affecting the definition of risk and consequently the premium.
Lapetus therefore, evaluates the body mass index from the roundness of the jaw and cheek, while gender is determined by measuring the size of the mouth or the eye socket. Chronos can also interpret smoking habits, drug use and proof of depression. And this is just the first step: the company is working to add genetic disorders, diabetes, and heart disease to its software.
The startup has been selected for its quality even by the Plug and Play Tech Center, that through its acceleration program puts large enterprises on to young innovative companies.
Kevin Wang, Plug & Play Ventures said: “Put together Minority Report (the movie) ideas with the life insurance subscription technology and here you are Lapetus Solutions. Their platform integrates into existing practices and protocols, helping companies to solve a complicated and invasive problem as the subscription procedure”.
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