Life insurer Legal & General America is hoping to close a life-insurance protection gap among younger consumers through increased focus on its SelfieQuote.com quoting tool.
Legal & General (LGA) hopes that prospects will use the biometrics tool and find that purchasing life insurance is not as expensive as they might think. According to LIMRA research cited by EVP of business strategy and innovation, Jim Galli, consumers believe life insurance costs three-to-four times more than its actual price.
“Our normal distribution through agents brings us customers aged between 45 to 47 years old. It’s been that way for a long time,” said Galli. “This tool is engaging people in their mid- to late 30s.”
SelfieQuote.com launched last summer in a partnership with insurtech Lapetus. The online platform enables prospective insurance customers to snap selfies and receive instant quotes based on facial analytics data provided by Lapetus. The startup’s software, Chronos, uses machine learning algorithms to extract human faces from images in order to estimate age, gender and body mass index (BMI) for underwriting purposes.
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