Kotak Life's selfie campaign aims to simplify process of premium determination

Kotak Life recently launched their #SelfieWorthTaking campaign. Through this campaign, the consumers can get a term insurance quote just by uploading their selfie on the campaign's portal. Based on facial recognition algorithms, the selfie clicked by the buyer will play a key role in deciding the payable premium for the term insurance plan that the buyers want to purchase.

The selfie campaign is aimed at simplifying the process of premium determination, which encourages people to purchase term insurance plan online. Anyone with a smartphone can avail the benefit of this facility. He/she can log in on the website, click a selfie and upload it to access the term insurance quotes. The #SelfieWorthTaking campaign algorithms will analyze fundamental factors like age and gender of the individuals from their uploaded selfies. Accordingly, Kotak Life will suggest a suitable plan based on this analysis.

Kotak e-Term plan is designed to provide financial protection to the family of the insured. As an incentive, non-tobacco users and women are offered special premium rates. In the event of death of life insurance policyholder during the term, the beneficiary would receive Death Benefit as per plan option selected. The selfie-based approach considerably eases an insurer's path to get a term insurance quote by eliminating a few time consuming steps.

Generating a premium quote by uploading a selfie has been initiated for the first time in the industry by Kotak Life. This innovative approach is getting a lot of positive response from young professionals who normally are not aware of term insurance plans. With Kotak e-Term Plan, consumers can enhance their insurance cover against accidental death, total and permanent disability. They can also choose additional cover through Kotak Critical Illness Plus Benefit Rider on payment of additional premiums which will ensure a complete coverage against any unfortunate eventualities.

Source: Kotak Life Insurance 

(With inputs from agencies.)