We use cookies to improve this site and enable full functionality. You can change your cookie settings at any time using your browser. Our cookie policy.

Insurtech firm backed by Warren Buffett enters UK

Insurtech firm backed by Warren Buffett enters UK | Insurance Business

Insurtech firm backed by Warren Buffett enters UK
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.

Want the latest insurance industry news first? Sign up for our completely free newsletter service now
 
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.”


Related stories:
Terrorism concerns now translating into losses, Clements Worldwide report reveals
MGA Nirvana takes aim at global media, tech risks