Blueberry Life has officially received direct authorisation from the Financial Conduct Authority (FCA).
Previously, the company was an appointed representative of its investor Insurtech Gateway, which is a specialist insurtech incubator. Its policies are underwritten by Shepherds Friendly.
Becoming directly authorised demonstrates that Blueberry Life has the appropriate governance, oversight, systems and controls in place with the requirements set out by the FCA, it said.
The insurer added the authorisation marks a significant milestone in its mission to redefine life insurance for individuals with chronic health conditions.
It said the FCA authorisation aligned with its ambitious growth strategy for 2025 and ”paved the way for new offerings designed to better serve customers facing chronic health challenges.”
The company, led by founder and CEO Dr Karan Mehta (pictured) launched last year under the name Bluezone, and focussed on offering life insurance for people with type 2 diabetes.
In September Bluezone rebranded as Blueberry Life. Mehta told Health & Protection last week that the rebrand allowed the company to create a more easily identifiable personality than the more esoteric Bluezone brand.
The term Bluezone refers to a group of areas across the globe where the people have unusually long and healthy lives – but that is not widely known – however everyone is familiar with the blueberry fruit, even if they do not know the extent of the healthy benefits the fruit offers.
Blueberry Life has since been expanding beyond its original market of supporting those with type 2 diabetes to cater to individuals with a broader range of health conditions, including type 1 diabetes, pre-diabetes, high blood pressure, high BMI, and high cholesterol.
That intention was stated by Mehta in an interview with Health & Protection last year, when he said: “The product vision for Bluezone is how do we increase the access to insurance for people with not just diabetes but all chronic conditions.“
By addressing the underserved market of people with chronic conditions, the insurer said it aims to revolutionise traditional insurance models with advanced tools that empower customers to improve their health while earning rewards for their efforts.
It is also addressing that almost half of the UK population faces a chronic health condition, which can hinder access to life insurance.
Mehta said: “Securing direct authorisation from the FCA is a significant milestone for Blueberry Life.
“This approval not only reinforces our commitment to providing innovative and inclusive life insurance solutions but also empowers us to accelerate our mission of transforming the industry.
“With this foundation, we are excited to support even more customers with chronic health conditions and redefine what life insurance can achieve.”