Insurtech Leader AllLife Raises Funds to Expand Coverage to People Living with Diabetes and HIV

Capital raise led by the Accion Frontier Inclusion Fund – managed by Quona Capital – the first global fintech fund for the underserved

Johannesburg, South Africa – May 3, 2017 – AllLife, a South Africa-based company disrupting the life insurance space with life coverage for those living with HIV and diabetes, has announced the close of a funding round that will support the company’s expansion into innovative product lines and new geographies.

AllLife’s insurtech model uses algorithmic pricing, robo-underwriting (an automated assessment of applicants), and a health-centered approach to treatment adherence driven by behavioral economics, to extend insurance to those with chronic diseases. With clients’ agreement to a specific treatment plan, AllLife – through its proprietary underwriting algorithm – can offer immediate pricing, issue a policy, and manage risk through its continuous contact with the customer, including periodic tests to verify the treatment’s efficacy. The data generated enables accurate underwriting and algorithmic pricing, with high profit predictability. In addition, regular contact with the client promotes each client’s health and well‐being, reflected in the 95% adherence to treatment protocols of AllLife’s clients to-date.

This investment marks the entry of the Accion Frontier Inclusion Fund, managed by Quona Capital, into the insurtech space, and complements the Fund’s existing portfolio of investments in innovative financial technology and services companies that promote financial inclusion for the world’s three billion financially underserved people. Existing investor LeapFrog Financial Inclusion Fund I also participated in this capital raise.

“We are excited to bring on Quona and the Accion Frontier Inclusion Fund to support our continued focus on technology innovation and big data. Quona’s introduction to fintech experts will help us on our journey to be at the leading edge in providing the best customer experience, while continually enhancing our model,” said Ross Beerman, CEO of AllLife. “With this investment, we are on a trajectory to continue to scale our efforts in providing coverage to a greater number of underserved clients who currently lack access to quality life insurance.”

While largely focused on the South African life insurance market the past five years, AllLife recently announced an agreement with Royal London, the UK’s largest mutual life, pensions, and investments company, for Royal London to leverage AllLife’s pioneering technology platform.

“AllLife’s innovative business model and data-driven approach push the boundaries of insurtech by reaching those who were previously considered ‘uninsurable,’” commented Monica Brand Engel, a founding partner at Quona Capital, a venture firm dedicated to fintech for the underserved that manages the Accion Frontier Inclusion Fund. “More broadly, AllLife has the potential to change the landscape of insurance coverage around the world as mainstream insurers like the UK’s Royal London bring the model to western markets. This reverse innovation, where a breakthrough business model developed in Africa is being imported into western markets, is a powerful statement of AllLife’s potential.”

In South Africa, an estimated 19.2% of the adult population is living with HIV (UNAIDS), and approximately 7% is living with diabetes (International Diabetes Foundation).


About AllLife:

AllLife is in the business of changing people’s lives, through the provision of affordable life insurance to people living with HIV and Diabetes. AllLife revolutionised the South African life insurance market by being the first to offer affordable life cover to the ‘uninsurable’. The company’s innovative products, for people living with HIV and Diabetes, use a continuous underwriting approach that helps to increase life expectancy and the quality of life for their clients. AllLife continues to reduce stigma and open up life cover to diabetics globally, via its Kalibre robo-underwriting platform. The first global roll-out of the Kalibre platform was in April 2017 with the UK’s Royal London. For more information, visit:

About the Accion Frontier Inclusion Fund and Quona Capital

The Accion Frontier Inclusion Fund, managed by Quona Capital, is the first global fintech fund for the underserved, investing in innovative financial technology and services companies that promote financial inclusion for the three billion people around the world who are underserved by financial services. Quona Capital is an early growth-stage venture firm focused on financial technology for underserved consumers and businesses in emerging markets. The fund is sponsored by Accion, a global leader in inclusive finance with a rich history of double-bottom line investing, where its impact investments create positive economic and social returns. For further information, visit and



Katie Mounts
+1 202.280.5859

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