Print
Entrepreneurs

2016 CEA Winner In Emerging Company: Lapetus Solutions

By Jenny Callison, posted May 6, 2016
Karl Ricanek Jr., cofounder/chief data scientist | Year Founded: 2015 | No. of Employees: 14 (Photo by Mark Steelman)

Beauty may be only skin deep, but the beauty of Lapetus Solutions’ technology is its aim of mining all the information that skin holds for what’s going on inside the body.

Specifically, Lapetus uses science and technology to predict life events and estimate an individual’s life expectancy, said Karl Ricanek Jr., a cofounder of the company and its chief data scientist.

Founded just a year ago, Lapetus Solutions – named for Lapetus, the Greek god of mortality – was the outgrowth of Lapetus Software, created in 2014. That company resulted from the collaboration of Ricanek, who has worked in facial recognition software at University of North Carolina Wilmington, and S. Jay Olshansky, an expert in biodemography.  In April 2015, Lapetus Software received an undisclosed amount of funding from a European investment firm and changed its name. 

Lapetus’ technology combines facial analytics with biodemography, which is the integration of biological knowledge and demographic research on human longevity, and then asks people specifically targeted questions. 

The result is faster, more accurate life events predictions for individuals, Ricanek said.

That’s of potentially great interest to life insurance companies, he said.

Analysis of a face can be revealing, especially when combined with biodemography, Ricanek explained, but dynamic questioning improves the accuracy of predictions even more.

Lapetus scientists say they have proven that by asking questions based on aging science and tailoring them to the respondent, they can generate the most accurate healthy lifespan estimates obtainable.

“Traditionally, life insurance companies ask questions to generate flags. If you have so many red flags, you are in risky company. They will ask about smoking. With our technology, we don’t assume smoking is harmful,” Ricanek said. “We treat smoking as smoking and also look for signs that behaviors do not impact that individual. We use facial analytics to gauge the rate at which they are aging. Smoking manifests in certain patterns of aging.”

Ricanek said that Lapetus’ technology can significantly reduce life insurance carriers’ underwriting costs and time. 

The underwriting time, traditionally weeks or even months, becomes a matter of minutes for Lapetus Solutions. An insurance applicant can go through the analysis process while waiting for a cup of coffee at Starbucks, he said, with the same accuracy as through the traditional risk assessment process. 

“It’s music to their ears,” when Lapetus explains its approach to life insurance companies, Ricanek continued. “Life insurance carriers are desperately looking for innovative solutions to engage their customer base. They are probably at their lowest level of subscribers ever.”

It is currently in pilots with some major carriers in the United States and is already talking with companies in Latin America, according to Ricanek.

For more info about the Coastal Entrepreneur Awards, click here.

Ico insights

INSIGHTS

SPONSORS' CONTENT
Yasminheadshotwithlogo

Word Power

Yasmin Tomkinson - Cape Fear Literacy Council
20180514 104209 51418120638

What is SOLA?

Steve Adams - School of Learning Arts
Mike stonestreet 300x300

Play it Safe When Planning Summer Celebrations

Mike Stonestreet - CAMS (Community Association Management Services)

Trending News

Coastal Select Properties Grows With New Downtown Location

Johanna Cano - Jul 16, 2018

In The Current Issue

Orthopedic Practice Continues To Grow

EmergeOrtho is expected to continue to expand in the Cape Fear region and beyond. The physician-owned orthopedic practice is set to break gr...


PPD Introduces New Patient Enrollment Model

Wilmington-based PPD recently introduced a new patient enrollment model “that significantly reduces the time and cost of conducting clinical...


Wilmington Health Cardio Lab Earns Reaccreditation

Wilmington Health Cardiology’s echocardiography lab recently earned three-year echocardiography reaccreditation in Wilmington....

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes