Momentum Life Insurance LifeReturns®, is a pioneering digital screening solution poised to redefine life insurance underwriting and purchasing processes. This breakthrough integrates digital discounting mechanisms and a swift underwriting process, cementing Momentum Life Insurance as a forerunner in AI-driven insurance innovation.
Harnessing the power of smartphone screening technology, LifeReturns® scans facial skin signals to precisely assess life insurance underwriting health risk factors such as heart rate, blood pressure, oxygen levels, and stress within a mere 90 seconds. By incorporating answers to a few essential queries, it can also ascertain BMI, approximate fitness levels, and determine qualifying discounts for clients of up to 35%.
Denille Roostee, Head of Marketing at Momentum Metropolitan Group, comments, “Momentum Life Insurance is resolutely forging ahead in the digital insurance domain. Our insights are propelling us towards innovative products and services through sophisticated underwriting platforms. By fully adopting AI and automation, we’re set to advance our operations, ensuring notable growth and an enhanced experience for our organisation, financial advisers, brokers, and our esteemed clientele.”
With LifeReturns®, the intention was to reward clients for their present health status rather than potential future lifestyle changes. Moreover, the momentum behind LifeReturns® doesn’t stop here. The insurance provider’s ongoing digital transformation promises even more innovative enhancements. The vision is to transform every smartphone, tablet, and laptop into health assessment instruments, allowing for remote health insights collection, streamlining application processing, and gathering real-time data, ultimately cutting costs for both the firm and its clientele.
This game-changing initiative from Momentum Life Insurance mirrors global industry trajectories, as highlighted in a study by Accenture. Shay Alon, Managing Director – Insurance Global at Accenture, cites feedback from over 500 underwriters who champion a tech-driven future. The study reveals that “62% of insurers are directing investments towards AI, with nearly half viewing it as pivotal for business evolution in the forthcoming three years.
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