Bluezone, an insurtech reinventing life insurance for people with chronic illnesses has secured its first-choice global reinsurer to partner with as it remains on track to launch its first product in Q1 of 2023. Following a successful £1.5m seed investment round led by Insurtech Gateway earlier this year, Bluezone has now confirmed it has successfully obtained its FCA Authorisation thanks to Insurtech Gateway’s incubation platform.
Bluezone is set to launch its first Type 2 Diabetes life insurance product at a critical time. The prevalence of chronic health conditions is skyrocketing with 1 in 2 people suffering from a condition globally. Traditional underwriting processes are outdated, manual and cumbersome making it difficult for individuals with these chronic conditions to access affordable insurance.
The insurtech’s team includes Doctors and PhD-qualified scientists who have taken a first-principles approach to develop a powerful medical underwriting risk engine using sophisticated AI/ML techniques and large medical datasets. This core technology will offer customers a fair and precise premium, tailored to their unique risk score. Customers will be able to purchase a policy through a seamless digital journey that will deliver a 10-fold improvement on the current sign-up process, by removing lengthy form filling and required medical appointments needed to secure a similar policy.
The team have had a positive response from the Venture Capital market, closing a £1.5m seed investment early this year led by Insurtech Gateway and AV8 Ventures. Alongside Oxford Capital, Portfolio Ventures and impactful angel investors including the former Chairman of NHS England, former CEO of AXA & Chief Transformation Officer Aegon Group. Dr Karan Mehta, Co-Founder & CEO, Bluezone Insurance, commented,
“We are delighted to have secured our first-choice reinsurer to support us with the launch of our new life insurance product. The global firm is the perfect partner, and we are looking forward to working with them.
We would also like to thank the team at Insurtech Gateway for helping us secure our FCA authorisation in record time. We are delighted to confirm we are on track to launch our market-leading and game-changing life insurance solution for people with Type 2 Diabetes in Q1 next year.”
Stephen Brittain, Co-Founder, Insurtech Gateway, added “The Bluezone product has so much potential, we are thrilled they are approved to launch. The FCA and reinsurers have been really supportive and a pleasure to work with.”
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