Insurtech firm backed by Warren Buffett enters UKwebadmin
A South African company that has teamed up with one of Warren Buffett’s businesses is unveiling a specialist insurance product in the UK.
Insurtech firm AllLife is launching a life insurance product for diabetics, partnering with Royal London and Gen Re, part of Buffett’s Berkshire Hathaway group.
Royal London will underwrite the policies, which will be reinsured by Gen Re, Business Insider UK reported.
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AllLife uses an algorithmic pricing platform for its insurance product. According to CEO and founder Ross Beerman, the technology pulls a “vast amount” of medical data and lets the company automate “most of the stuff that life insurance companies are doing manually.”
The platform also allows AllLife to adjust premiums based on user behavior. Beerman says the company can intervene in people’s health, from medication to physical activities.
“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,” Beerman told Business Insider UK.
Beerman added: “Just interacting, just caring, just reminding people to do the right thing, actually has an impact on their health whether or not they do the thing you ask them to do. We can see a correlation.”