Sagicor introduces facial recognition technology for pensioners
SAGICOR Group Jamaica, through a partnership with the University of Technology, Jamaica (UTech), has implemented facial recognition technology in the proof-of-life process for pensioners.
The partnership, made possible through the Sagicor Innovation Lab at UTech, has resulted in the integration of the technology which aims to revolutionise the way pensioners prove their continued eligibility for payments.
“This is a major innovation win for us at Sagicor, and we continue to be amazed and inspired by the talent of the students at UTech with their great ideas and inventions. At Sagicor our aim is to continue to offer our clients easy, simple and personal solutions for their convenience, even as they grow with us throughout their life stages,” said Christopher Zacca, president and CEO, Sagicor Group Jamaica.
“At Sagicor we are committed to making our processes more efficient and seamless for our clients, and we know that technology through digital innovation and transformation is the way to go,” Zacca added.
Researchers from the Sagicor Innovation Lab at UTech, which included lecturers and students, in collaboration with local tech company Orba1, developed a prototype to demonstrate the proof of life concept which was subsequently adopted and integrated by Sagicor.
According to Ray-St Michael Williams, research fellow and director of the Sagicor Innovation Lab at UTech, “The implementation of facial recognition technology marks a significant step forward in the industry and is likely to have a lasting impact on the way pensioners prove their eligibility for payments. It is an example of how technology can be used to improve and streamline processes, making them faster, easier, and safer for all involved.”
Traditionally, pensioners have been required to visit a justice of the peace and have a physical form signed in order to receive their payments. This process has been time-consuming and inconvenient for pensioners, and it has also posed potential health risks due to the need for in-person interactions during the COVID-19 pandemic. However, with the introduction of facial recognition technology, pensioners can now easily and conveniently prove their identity and continue their eligibility to receive benefits through a simple and secure process. By taking a photo with their mobile device or computer, pensioners can confirm their identity and that they are alive, eliminating the need for in-person interactions and streamlining the proof of life process.
The implementation of this technology has several potential benefits for both pensioners and the pensions industry as a whole. The use of facial recognition technology in the proof of life process is expected to greatly reduce the risk of fraud and errors, improving the integrity and accuracy of the pension process. For pensioners, the process of proving their continued eligibility will be greatly streamlined, saving them time and money. This will be particularly beneficial for pensioners currently living in the Diaspora who need to attain proof of life certificates that are verified by notaries public overseas. The utilisation of this technology is expected not only to increase efficiencies for Sagicor, but also should reduce operational expenses while improving customer trust and confidence.
The partnership between Sagicor Group Jamaica and the University of Technology, Jamaica is also expected to give rise to more innovative ways for customers to conduct business with Sagicor, bringing significant benefits to both the company and its customers.