CHRONOS - Digital Underwriting by Lapetus Solutions

While traditional underwriting can take up to a month, CHRONOS delivers more accurate results in seconds. Combining facial analytics, biodemographic information and dynamic questioning, CHRONOS returns precise and reliable scores.

In one, simple, easy-to-use platform, CHRONOS eliminates the need for invasive medical exams in most cases. The digital platform allows for the entire underwriting process to take place without the need for in-person contact--saving time, money and complicated paperwork in the approval and issuance of life insurance.

CHRONOS is the platform that will get you to “No Touch Underwriting”.

The Chronos platform is a science-based application that generates individualized estimates of total mortality, survival, life expectancy, and healthy life expectancy, using empirically verified research findings from public health, epidemiology, medicine, biodemography, aging science and facial analytics. The heart of the Chronos engine is a set of complete country-specific hybrid life tables combining period and cohort assumptions with a built-in “improvement” factor that is adjustable based on observed secular trends in national vital statistics and experience mortality rates in insured populations. 

Chronos has been designed as a modular platform that can be easily integrated into existing underwriting practices and protocols or stand on its own.

Our business model and modular design means that insurers can choose to use all or part of the power of CHRONOS, according to their individual needs.

The CoverGo platform now supports Lapetus’ advanced face analyzer and underwriting system, Chronos. Like Lapetus Solutions, CoverGo is a global, cloud based, no code, API driven platform that can enable digital data management and advance analytics using AI (artificial intelligence).

Below are just some of the functionality and trends that the combined systems support:

• Digital “end to end” experiences from product prototyping to engagement through automated underwriting, payment and issuance
• Sensory analytics to quickly and/or longitudinally gather data, provide healthy advice, and behavioral surveillance
• Dynamic questioning and content engines
• Online and social media lead engagement
• Targeted “on demand” products that reach out to consumers and transact through social media channels
• Comparison shopping via multiple product offers
• Bundled products and discounts for multiple purchases and renewals
• Digital wallet engagement, “next product up”, and “one more thing”, focused on customer delight
• Comprehensive, integrated insurance and financial services product platforms including lead generation, customer engagement, portfolio analysis and management tools
• Life event and generational journeys using AI driven age progression
• Subpopulations and COTS products and bundles
• BLISS score driven predictive offerings and portfolio analysis
• Qualification funneling by age, BLISS, subpopulation etc.
• Gamification and digital advisor matching (future avatars)
• Online/offline “O2O” advisor, tele portals, and chat to support customer delight
• MGA support and reporting
• Rapid prototyping and launch platform and tool technology that is easily configurable and reconfigurable as a product scales
• Advanced analytics for predictive and descriptive analysis using proprietary AI
• Cloud based architecture that allows for “in country” data fencing and privacy preservation
• Government ID authentication across the globe satisfies KYC and validates identity
• Relationship management (facial recognition), so you can safely and securely transact online.

View and download the document below to try our simple term insurance product, our digital annuity plan product and more.

We recommend a 3-phase process over a 6-month period.

Define Proof of Concept (POC)

• Tools to be tested
• Customer segments

Test

• IT connectivity
• Run POC
• Results and assessment

Moving Forward

• Determine tools to be utilized
• Licensing agreement
• Define IT requirements and required resources