InsurTech for Life Insurance: Selfie Quote

In conversation with Blair Baldwin, Co-Founder /CEO, Quilt: Quilt offers a selfie quote:

What is a “selfie quote”?

Blair Baldwin: When we started Quilt, we did a lot of market research into where the coverage gaps are for young people. We didn’t expect most millennials to have life insurance obviously, but we were really shocked at how few were covered among those who really need insurance, like parents, homeowners, and people with cosigners for their student loans. So it’s pretty obvious that traditional insurance companies haven’t done a great job of reaching young people.

We also found that millennials vastly overestimate how much a term policy costs. The average guess in our survey was $107 a month, which is several times more expensive than what most will actually pay in that age bracket.

The selfie quote is a great opportunity to engage a younger audience, but more importantly, to show people how affordable life insurance can be. Our mission as a company is to make insurance radically simple and approachable, and it doesn’t get much simpler than this.

Q: How does the ‘selfie quote’ work?

BB: A lot of factors go into a life insurance quote, but it turns out three things are enough to get a very good estimate – age, gender, and body mass index, or BMI. It just so happens that those are three things show in a person’s face, so a photo is all it takes. Just snap a pic with your phone and the computers handle the rest. The actual facial analytics is powered by a company called Lapetus Solutions. Their tech goes to work analyzing the picture, and the results are plugged into our model to generate a quote, all within a couple seconds.

Read the full article here.