- Website: www.alllife.co.za
- Sector: Healthcare & Pharmaceutical
- Country of operations: South Africa
Insurance for all
AllLife claims to be quietly revolutionising the life insurance industry as the first company to deliver life insurance products to stigmatised groups worldwide – and it’s using groundbreaking technology to do so.
The South African firm, which was founded in 2004, provides life insurance to people living with HIV in South Africa and to others around the world with diabetes. Its products have proved popular too, with the company providing around $580m worth of cover to date.
“AllLife has created a sustainable business model that proves it is possible to ‘insure the uninsurable’”
Technology is at the heart of AllLife’s operations – so much so that the company likes to class itself as an InsurTech business. “AllLife has leveraged data and technology at its core to far exceed what traditional Western insurers are capable of delivering to customers,” says Co-Founder and CEO Ross Beerman. “This is achieved through advanced robo-underwriting, algorithmic pricing, technology platforms and continuous health management through data intelligence.”
Such advances mean the firm is able to process a life insurance application for a diabetic in less than a day, compared to an industry average of around a month. As well as being efficient for the insurer, it also means customers can get the cover they need quickly.
“AllLife has created a sustainable business model that proves it is possible to ‘insure the uninsurable’ at scale,” says Ross. “By expanding insurance offerings to previously uninsurable segments, such as people living with HIV and diabetes, AllLife has grown at a compounded annual growth rate of more than 45% over the past ten years.”
More importantly, the company’s products and services are enabling its customers to live longer, healthier lives. “HIV positive customers see an average of 15% improvement in health, as measured by CD4+ count, within six months of being insured,” he says.
45% - AllLife’s compound annual growth rate over the past ten years
AllLife is currently engaged with multiple insurance companies globally to deliver life insurance products to diabetics in their markets, says Ross: “The opportunity to expand within South Africa is dwarfed by the opportunity to help those suffering from diabetes around the world.”