Insurtech Bluezone, which specialises in life insurance for people with chronic illnesses, has announced a £1.5m seed round led by Insurtech Gateway and AV8 Ventures. Oxford Capital, Portfolio Ventures and a number of angel investors also participated. Bluezone will use the funding to support the launch of its first product – life insurance for people with Type 2 Diabetes.

The London-based insurtech is developing a medical underwriting risk engine using AI/ML techniques and large medical datasets. This core technology aims to quickly offer customers a precise premium, tailored to their risk, in contrast to the current manual underwriting approach, which the insurtech said is cumbersome and makes it difficult for individuals with chronic illnesses to access affordable life insurance.

Stephen Brittain, co-founder of Insurtech Gateway, said: “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.”

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