Royal London has launched life insurance cover for people with Type 1 or Type 2 diabetes that uses a real time and robo-underwriting process to improve the customer journey.

The customer journey is underpinned by the Kalibre insurtech platform and is supported by continuous underwriting.  Royal London worked with Blue Circle Life (part of South African life insurer AllLife Group) to design and develop the Kalibre Platform.

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Royal London said the platform revolutionises the process of buying life insurance for people living with Type 1 and Type 2 diabetes by improving the time taken to accept an application from weeks to less than an hour.

The product is available from a small number of adviser firms with plans to launch to the wider market later this year.

There is built in flexibility to reduce premiums by up to 40% to reflect how well the customer is managing their diabetes by simply sharing their annual HbA1c test result.

Royal London said premiums are guaranteed never to rise higher than the starting premium to give clients certainty that they will be able to maintain their cover.

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Debbie Kennedy, group head of protection strategy at Royal London said: “According to Diabetes UK over 4 million people in the UK are living with diabetes.  Securing life cover for people who have been diagnosed with a chronic condition is not always straightforward and can involve detailed medical questionnaires, followed by exclusions, additional premiums or being declined cover, depending on the nature of their condition and how well they manage their health.”

Asked by Life Insurance International (LII) how Royal London intends to promote its life cover for diabetics to consumers, Kennedysaid the life insurer would be working with financial advisers over the next few weeks. She added that this approach will be combined with direct messaging to consumers.

Ross Beerman, CEO of AllLife Group said:  “Our innovative algorithmic pricing and robo-underwriting approach was designed to deliver affordable cover to Type 1 and Type 2 diabetics who actively manage their heath.

This approach to life insurance means the ability to deliver a great customer experience to diabetics, as well as offer competitively priced, easily accessible life cover to those individuals others might regard as uninsurable.”

 

Summary of Royal London Diabetes Life Cover

  • Quick and simple application process tailored to people with diabetes
  • Immediate cover if accepted
  • Cover available to clients with high HbA1c levels
  • If the diabetes improves and Royal London has annual HbA1c blood test results, the premium can go down
  • Clients have access to the Helping Hand service, with access to a specialist diabetes nurse for support and advice

 

For all the latest insight, news and data on the global life and health insurance and reinsurance markets, visit www.lifeinsuranceinternational.com