South African insurtech startup AllLife has raised a funding round from the Accion Frontier Inclusion Fund that will support the company’s expansion into innovative product lines and new geographies.
AllLife has launched a series of innovative insurance products for people living with HIV and Diabetes, using a continuous underwriting approach that helps to increase life expectancy and the quality of life for their clients.
The startup’s insurtech model uses algorithmic pricing, robo-underwriting and a health-centered approach to treatment adherence driven by behavioral economics to extend insurance to those with chronic diseases.
“We are excited to bring on Quona and the Accion Frontier Inclusion Fund to support our continued focus on technology innovation and big data. Quona’s introduction to fintech experts will help us on our journey to be at the leading edge in providing the best customer experience, while continually enhancing our model,” said Ross Beerman, chief executive officer (CEO) of AllLife.
“With this investment, we are on a trajectory to continue to scale our efforts in providing coverage to a greater number of underserved clients who currently lack access to quality life insurance.”
Having until now been largely focused on the South African life insurance market, AllLife recently announced an agreement with Royal London, the UK’s largest mutual life, pensions, and investments company, for Royal London to leverage AllLife’s technology platform.
Quona said the investment complements the fund’s existing portfolio of investments in innovative financial technology and services companies that promote financial inclusion for the world’s three billion financially underserved people. Existing investor LeapFrog Financial Inclusion Fund I also participated in the capital raise.
“AllLife’s innovative business model and data-driven approach push the boundaries of insurtech by reaching those who were previously considered ‘uninsurable’,” said Monica Brand Engel, a founding partner at Quona Capital.
“More broadly, AllLife has the potential to change the landscape of insurance coverage around the world as mainstream insurers like the UK’s Royal London bring the model to western markets. This reverse innovation, where a breakthrough business model developed in Africa is being imported into western markets, is a powerful statement of AllLife’s potential.”