An InsurTech reinventing life insurance for people with chronic illnesses has raised £1.5 million in seed funding.
Bluezone is set to launch its first product, focused on type 2 diabetes, which it says is going to improve the health of millions of people by understanding adverse health event risks and delivering proactive healthcare.
The prevalence of chronic health conditions is skyrocketing, with half of the world’s population suffering from one. Bluezone says traditional underwriting processes are outdated, manual and cumbersome, making it difficult for individuals with these chronic conditions to access affordable insurance.
The round was led by Insurtech Gateway and AV8 Ventures. Oxford Capital, Portfolio Ventures and impactful angel investors including a former CEO of AXA, chief transformation officer at Aegon Group, a former chairman of NHS England and a leading FinTech angel also participated.
Based in London, its team of doctors and PhD-qualified scientists have taken a first-principles approach to developing a powerful medical underwriting risk engine using sophisticated AI and machine learning techniques, alongside large medical datasets.
Bluezone says this core technology will offer customers a fair and precise premium, tailored to their unique risk score, without the requirement for lengthy form-filling.
“Insurtech Gateway and AV8 Ventures are the ideal partners for Bluezone Insurance; their deep industry expertise, insurance network and track record of de-risking early-stage InsurTech businesses from regulatory approvals and insurance capacity clearly differentiates them from other seed stage funds,” said Dr Karan Mehta, CEO and co-founder.
“Collaborating with them will accelerate our process of launching a product into the market and achieving the milestones required for the next investment round. During our fundraising journey, they provided us with ample support, progressed quickly and made introductions to impactful angels and excellent co-investors.”
Stephen Brittain, co-founder at Insurtech Gateway, added: “We look forward to helping Bluezone launch its fairer solution for those managing chronic health conditions.
“Their team has built a next-generation pricing model and AI platform based on deep medical insights. We are excited to work together to make it accessible to those in need.”