AllLife, a Johannesburg, South Africa-based insurtech startup focused on providing innovative life insurance products for those living with HIV and diabetes, closed a funding round of undisclosed amount.
Backers included the Accion Frontier Inclusion Fund, managed by Quona Capital, and existing investor LeapFrog Financial Inclusion Fund I.
The company will use the funds for expansion into innovative product lines and new geographies.
Led by Ross Beerman, CEO, AllLife uses algorithmic pricing, robo-underwriting (an automated assessment of applicants), and a health-centered approach to treatment adherence driven by behavioral economics, to extend insurance to those with chronic diseases. Through its proprietary underwriting algorithm, AllLife can offer immediate pricing, issue a policy, and manage risk through its continuous contact with the customer, including periodic tests to verify the treatment’s efficacy.
The data generated enables accurate underwriting and algorithmic pricing, with profit predictability.
AllLife’s technology platform is used by Royal London, the UK’s largest mutual life, pensions, and investments company.