Zurich launches 'selfie' app to encourage financial planning

Leading insurer Zurich has today launched a ‘selfie’ app called FaceQuote to urge more people to think about and engage with their finances.

FaceQuote guestimates a user’s age before calculating how much life cover would cost per month based on the age suggested*. The app has been launched to encourage people to engage with life insurance and show how affordable life cover can be.

Recent research by Zurich found that a quarter of people said they didn’t have life or critical illness cover because it was too expensive and nearly a third (30%) said they didn’t 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 per month, when in reality cover is available for a fraction of that amount at just £8.**

FaceQuote is  the latest tool developed by Zurich as it seeks to offer more customers new ways to engage with and manage their finances.

Chris Atkinson, head of consumer distribution 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 but also inspiring and enabling them to take control and put proper plans in place.

“We know that many people prefer not to think about what will happen to them or their dependents if they become ill or were to die. So we’ve tried to approach these issues through gamification, in a fun and engaging way in the hope that some people will be nudged into action. 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.”

For more information visit https://www.zurich.co.uk/insurance/facequote

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_{*Monthly premium for Zurich level protection plan with £100,000 cover for 10 years for an individual with the age predicted by the selfie – non-smoker in good health}

_{** lasting 20 years and paying out a lump sum of £100,000 on their death}