A Warren Buffett-backed insurance tech company is going to help ‘uninsurable’ diabetics in the UKwebadmin
LONDON — A South African insurance technology company supported by Warren Buffett’s Berkshire Hathaway is launching a life insurance product for diabetics in the UK.
AllLife has partnered with Royal London, the UK’s largest mutual insurer, to offer a new product to diabetics previously regarded as “uninsurable” because of their condition.
AllLife uses an algorithmic pricing platform called Kalibre to deliver a cost-effective life insurance product.
CEO and founder Ross Beerman told Business Insider earlier this year: “The term now is robo-underwriting but it’s using tech that pulls a vast amount of medical information and puts it through a decision tree process that allows us to automated most of the stuff that life insurance companies are doing manually.”
Kalibre also allows AllLife to adjust premiums based on user behaviour. AllLife will prompt users to take certain actions to improve their health — everything for taking their medication to going for a run. Successfully completing these tasks helps lower the price of the insurance.
Beerman said: “Instead of using our life company data to price people perfectly, what we should do is we should use data to empower our clients to be the perfect people. Let our data help our clients be the type of people we want them to be.
“We have a follow-on process, we intervene in people’s health. We tell people, don’t forget to do this, you should really do this — we do that through text message, emails, sometimes calls. We intervene.”