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.

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.

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:

• Complying with the FCA’s Product Governance rules.
• Meeting the FCA’s requirements of Treating Customers Fairly (TCF) and future requirements for Consumer Duty.
• Premiums are held according to the FCA’s Client Assets Source Book (CASS).
• Meeting the requirements of the Insurance Distribution Directive.

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

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