London — Mayer Brown has advised AllLife, the South African-based insurtech company, on its agreement with UK mutual life, pensions and investments company Royal London to launch pioneering life insurance cover for people with diabetes in the UK.
The product will leverage AllLife's innovative insurtech platform called Kalibre and provide life insurance products for individuals who have previously been considered 'uninsurable' due to their condition.
The Kalibre platform uses advanced robo-underwriting and algorithmic pricing to significantly reduce the risk of providing cover for type 1 and 2 diabetics. The ground-breaking technology will transform the process of buying life insurance by being able to accept and price applications in real time, dramatically improving the approval time from weeks to less than an hour.
Mark Prinsley, IP & Technology partner at Mayer Brown, said: "With more than 4 million people diagnosed with type 1 or type 2 diabetes in the UK, this technology will revolutionise life insurance policies for diabetics. We were delighted to advise AllLife on its collaboration with Royal London and its first international launch of the Kalibre platform."
The Mayer Brown team was led by Mark Prinsley (London) and Corporate & Securities partner Frank Monaco (New York). The team included IP & Technology senior associate Daniel Gallagher; Financial Services Regulatory & Enforcement partner Mark Compton; and Corporate Finance & Securities partner Colin Scagell (all London).