SSA & Company Chief Operating Officer and Senior Managing Director, John Rodgers, was quoted in a Financial Advisor Magazine article “Could Facial Recognition Technology Transform Insurance?” He notes that if the technology could increase the accuracy of predictive capabilities then insurance companies will use it. With insurance companies constantly trying to balance risk between consumers and insurance companies, this technology “will reduce the overall risk to the insurance company and transfer all of that risk to the consumer. The balance would be if overall rates would fall for the ‘healthy’ consumers. However, the question is how quickly those rates would fall against the speed [and] accuracy of the facial recognition predictive capability.”
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John Rodgers is Managing Partner and Chief Operating Officer at SSA & Company.