What are insulin pumps and continuous glucose monitors?

An insulin pump is a small electronic device that releases the regular insulin that type 1 diabetics need through the day and night. It means there is no need to do insulin injections. 

This can help keep an insulin pump user’s blood sugar levels in their target range. Users need to have it attached to their body most of the time for it to work properly.

Source: Diabetes UK.

A continuous glucose monitor (CGM) lets a user check their blood sugar levels without having to prick their fingers.

A user wears a small sensor on their body that reads the user’s sugar levels so they can see the information on their mobile phone or other device. If someone else helps a user to look after the user’s diabetes, their mobile can be linked up too.

Source: Diabetes UK.

What can go wrong?

An insulin pump can cost between £2,000 and £4,000. People who qualify can have a pump supplied by the NHS. People who do not qualify can purchase their own from the manufacturer.

However, the NHS will only supply one pump to a user, and if it is lost, stolen or damaged, the user is responsible for sourcing their own replacement (pumps cannot be repaired for safety reasons).

For most people, paying to replace their insulin pump is too expensive.

How Specialty Risks helps Insurance4InsulinPumps.co.uk

In 2011, Adeona Limited launched the world’s first insulin pump insurance product Insurance4InsulinPumps.

In 2018, Adeona moved their insurance product from the original administrator to Specialty Risks.

As an unregulated business, Adeona is unable to market and provide their insurance policies itself. Doing so would risk a fine and possibly criminal prosecution. Adeona looked at becoming directly authorised by the Financial Conduct Authority (FCA), but the cost of doing so was prohibitive. Charging just £6.95 per month for the insurance means that Adeona cannot cover the costs of being regulated and authorised by the FCA.

By being an Appointed Representative of Specialty Risks, Adeona has been able to focus on building relationships with the insulin pump manufacturers and NHS diabetes clinics.

Specialty Risks take care of all the regulatory aspects of providing the insurance including:

We review all financial promotions to ensure they comply with the FCA’s rules and are clear, fair and not misleading.

What Adeona has to say about Specialty Risks

Ever since we created  Insurance4InsulinPumps.co.uk in 2010, we’ve ensured that our chosen insurance provider understands the importance of an insulin pump to a type 1 diabetic.

My daughter has been an insulin pump user since 2009. When choosing our insurance provider, we want to be confident that she, and every other  Insurance4InsulinPumps.co.uk policyholder receives attention immediately. 

The Specialty Risks team was able to show us how they could assess claims on the same day they are received and how they could order a replacement pump straightaway. Specialty Risks put in place purchasing agreements with all the insulin pump manufacturers, which is fantastic for our policyholders. Specialty Risks pays for the replacement pumps directly with the manufacturer and our customers don’t need to find the money to pay for the pump and then claim it back.

John Bainbridge

Director and founder Insurance4InsulinPumps.co.uk

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