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 group. 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.”
A South African insurtech backed by Warren Buffett is launching a specialist diabetes product in the UK . AllLife has teamed up with Royal London and Gen Re , part of Buffett 's Berkshire Hathaway group , on a life insurance product for diabetics . It uses an algorithmic pricing platform to pull together a large amount of medical data , allowing the company to automate a lot of processes that life insurance companies do manually . The platform will also let companies adjust premiums based on user behaviour . Policies will be underwritten by Royal London and reinsured by Gen Re .