AllLife Shows Insurers They Don’t Have to Price Clients Perfectly
Earlier this month, AllLife announced a new round of (undisclosed) funding. The company, which is backed by Gen Re and until recently offered life insurance to those living with HIV in South Africa, is expanding to UK via a deal it inked with Royal London. Here’s how CEO Ross Beerman views his company and his playground:
1. The company helps people manage their health. While insurers have the mindset of ‘pricing clients perfectly’, AllLife uses data to help clients turn to ‘perfect clients’. Let me explain. There’s a difference between perception and reality, and data ignores perception. This allows AllLife to take its learnings and help policyholders live a better life.
2. In Africa, AllLife has some 300 clients.
3. About half of the people living with HIV can afford to purchase insurance.
4. Directlife.co.za directs to AllLife (fun fact).
5. AllLife licenses its software to Royal London in UK. The first policy that Royal London sold through AllLife last week was 14 minutes from start to finish. Also, since its launch in UK a week ago, they’ve “done 100 quotes” with “only 3 brokers.”
Bottom Line: to mission and money. In that order.