South African insurer AllLife raised an undisclosed amount of funding from Accion’s Frontier Inclusion Fund and Leapfrog Investments (AllLife was Leapfrog’s very first investment, back in 2009).
AllLife launched in 2004 to provide life insurance for the nearly 20 percent of South Africans living with HIV and AIDS, who without such policies have difficulty getting mortgages or business loans.
It sets prices with a robo-underwriting process and agreements with patients to follow specific treatment plans.
Last month, AllLife expanded into life insurance products for diabetes patients in the U.K., adapting its underwriting platform for mutual life company Royal London, which expects to be able to cut premiums by up to 40 percent.
It is the first “insurance tech” investment for Accion’s Frontier fund, which is managed by Quona Capital.
In a blog post, Leapfrog Investments’ partner, Gary Herbert, discusses the promise of insure-tech:
AllLife – the first company in the world to offer life cover to people living with HIV takes its Diabetes platform global with Royal London – LeapFrog Investments
Read more about the coming “big bang” in financial services in Africa:
Short fuse, big bang for digital financial services in Africa