The funding round was led by Insurtech Gateway and AV8 Ventures, and included investors Oxford Capital, Portfolio Ventures and the Managing Director of AXA, Chief Transformation Officer at Aegon Group and former Chairman of NHS England.
The insurtech start-up plans to use the investment to expand its team and launch its first product, a type 2 diabetes life insurance product.
Bluezone aims to “reinvent” traditional underwriting processes that are often “outdated, manual and cumbersome” and ultimately make it difficult for people with chronic conditions to access insurance.
Through its team of doctors and scientists with PhDs, Bluezone said it took a “first-principles approach” to developing a medical underwriting risk engine that uses artificial intelligence and learning techniques. automatic, as well as large sets of medical data.
The technology aims to offer customers “fairer and more accurate” premiums, tailored to their individual risk score.
Dr. Karan Mehta, co-founder and managing director of Bluezone Insurance, said that Insurtech Gateway and AV8 Ventures are “ideal partners” for Bluezone Insurance.
“Collaborating with them will speed up our process of bringing a product to market and taking the steps required for the next round of investment,” he added.
Meanwhile, Amir Kabir, partner at AV8 Ventures, said investing in Bluezone is investing in the next generation of life insurance for people with chronic conditions.
“Bluezones’ sophisticated approach to underwriting and pricing transforms traditional offerings while creating unique value and opportunities, and we’re thrilled to partner with a team that understands the importance of versatility and personalization in this space,” he said.