Research by Zurich UK indicates that a quarter of people don’t have life or critical illness insurance because they believe it is too expensive, and 30 percent said they didn’t feel it was relevant. When asked about how much they believe life insurance would cost for a healthy 40-year-old, 14 percent believed the cost would be more than £40 per month, when actual coverage for such a person could cost as little as £8.
With this market opportunity in mind, Zurich investigated new ways to promote life insurance adoption across the UK market.
Traditionally, prospective life insurance customers engage through an insurance broker or are motivated and knowledgeable enough to self-select into coverage, completing a buyer’s journey from the quote and buy to acquire a policy. This new customer engagement paradigm would need to engage with prospective customers that would not otherwise consider coverage.
This blog post highlights how the FaceQuote app enables Zurich to reach a wider market by offering users a way to interact and get a quote with the technology they engage with every day: the camera on their phone.