Bluezone, the insurtech company that is reinventing life insurance for people with chronic illnesses, has launched its first policy in the UK with a unique policy for people with Type 2 diabetes.
This new life insurance solution offers people in the UK with Type 2 diabetes life insurance coverage through a seamless digital journey. This is expected to deliver a 10-fold improvement on the current solution by removing lengthy form filling and required medical appointments previously needed to secure a similar policy.
Dr Karan Mehta, Co-Founder & CEO, of Bluezone Insurance, commented, “We are delighted to announce the launch of our first life insurance policy and to be able to help individuals with Type 2 diabetes to gain cover. The launch is the culmination of a huge amount of hard work from the Bluezone team along with the support from our investors and partners. I would also like to thank the teams at Gen Re and Covéa Life for their ongoing support and belief in the proposition which has allowed us to launch our game-changing proposition.”
The product comes at a critical time, there are currently over 4 million people diagnosed with Type 2 diabetes in the UK. Almost 1 million more people live with chronic illness without knowing they have it.
The UK ranks among the worst in Europe with the most overweight and obese adults, according to the World Health Organization. In the last five years, there has been an alarming acceleration in the number of people diagnosed with the illness with the amount diagnosed increasing by 18%.
Bluezone will work with the insurer Covéa Life and global reinsurer Gen Re to facilitate the new and unique life insurance policy. This is the first of a portfolio of policies the firm is planning to launch to help individuals with other chronic health conditions both in the UK and overseas.
According to the company, traditional underwriting processes were outdated, manual and cumbersome making it difficult for individuals with these chronic conditions to access affordable insurance but the new Type 2 diabetes policy will start to change access to cover for millions of individuals.
Alastair Gerrard, the Head of Sales, Marketing and Account Management at Gen Re, concluded, “We are so pleased to be working with the innovative team at Bluezone and help facilitate the launch of their new life insurance product. The proposition is set to benefit so many individuals in the UK with Type 2 diabetes and allow them to gain quick and easy cover. We are looking forward to supporting Bluezone further as they expand their portfolio and help individuals with other chronic illnesses gain access to insurance over the coming years.”
