An app launched by insurance company Zurich can calculate how much life insurance would cost for a customer based on a selfie. Called FaceQuote, the app “guestimates” a user’s age before calculating how much life cover would cost per month based on the age suggested.Driving engagement - Zurich says the app has been launched to encourage people to engage with life insurance and show how affordable life cover can be.
Chris Atkinson, head of consumer distribution at Zurich, said: “Technology has a huge role to play in allowing us to connect with a wider audience and give more people confidence in making financial decisions.”
Recent research by Zurich found that a quarter of people said they did not have life or critical illness cover because it was too expensive and nearly a third (30%) said they did not feel it was relevant.
When asked how much they thought life insurance would cost for a healthy 40 year old, 14% thought more than £40 ($53, €45) per month, when in reality cover is available at £8. Atkinson said FaceQuote is the latest tool developed by Zurich as it seeks to offer more customers new ways to engage with and manage their finances.
“Our own research shows that people are put off from buying life cover because they think it is unaffordable and perhaps a luxury and so our selfie app has been designed to help challenge that view,” he said.
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