THE USE OF FACIAL RECOGNITION SOFTWARE TO ACQUIRE INFORMATION FOR INSURANCE NEEDS EXPANDS

Insurance carriers appear to be light-years ahead of the banking industry, when it comes to the use of facial recognition software to find information about a target, through social media and social networking resources. Insurance Premium estimates are calculated, in part, from examination of social media posts, to determine risk levels, from the target's non-work activities. If an insured is not learning to fly a small plane, which is high-risk, but engaged in other similarly risky behavior not known to the insuror, but discoverable through the application of facial recognition software programs to social medias resources.

Several other businesses that deal with consumers, and sell them goods and/or services, could also benefit from a close look at their clients' activities. It is up to the vendors of facial recognition software programs to educate those other verticals to the possibilities of personal data acquisition that these programs offer. The commercial use of pairing facial recognition software platforms with social media and social networking resources, by non-financial users, will greatly expand into common use, as word spreads regarding its usefulness in risk reduction and cost cutting.