Health IQ start-up and app is based on a healthy lifestyle rather than a family history. The company's idea is that people who are leading healthy lifestyle should pay less for life insurance.
When you maintain healthy eating habits and you workout regularly, then you don’t have to pay expensively for life insurance policies like anybody else who doesn’t care much about their healthy lifestyle. This the concept that Health IQ is determined to apply in their efforts as they are a startup insureTech firm that has made a huge impact in the industry.
The firm has convinced investors to invest additional $34.6 million in their account to fund their efforts in its series C destined for changes in the health insurance industry. Most of the investors have many hopes in the startup’s efforts and are willing to support them every time. Their leader Andreessen Horowitz has been on the frontline being assisted by Charles River Ventures of First Round Capital
Munjal Shah who is the co-founder and CEO of Health IQ, revealed how he was inspired to start the company after facing a health issue, just after he sold his last startup. They started as a health check online, and after a million people took the test, Shah believed that he had accidentally built the largest mortality table in 100 years of life insurance.
The test asking about diet and exercise is used to determine if someone should get a discount on their policy. Health IQ offers life insurance with only a 4% discount for people who approve the questionnaire. Users are eligible for another 4% discount if they meet certain thresholds, such as running an eight-minute mile.
The firm says that because it’s based on a healthy lifestyle rather than a family history, for some people it could save them another 25% of what they would pay elsewhere. The ones who have claimed responsibility should receive a special rate, Shah said. The firm, Health IQ gets a commission from insurers each time they sell a policy.
They want to go beyond life insurance and expand to health insurance, but he regrets that the current US system. USA do not allow healthy people to pay a lower rate. He has faith that this will change one day and that he can execute a concept that he believes promotes meritocracy.