Individuals who work out and eat healthily shouldn’t should pay as a lot for all times insurance coverage.
That’s the idea behind Health IQ, a startup that’s been making headways within the “insureTech” class.
Enterprise capitalists have been betting that insurance coverage is prepared for change and Well being IQ has satisfied buyers to place one other $34.6 million within the startup for its Collection C. Andreessen Horowitz is main the spherical with participation from Charles River Ventures, First Spherical Capital, Basis Capital and others.
Munjal Shah, co-founder and CEO of Well being IQ, stated that stated he was impressed to start out the enterprise after encountering a well being problem, proper after he bought his final startup, Riya, to Google.
It began out as a web-based well being quiz and after one million individuals took the test, Shah believed that he had “by accident constructed the most important new mortality desk in one hundred years of life insurance coverage.”
Now that quiz, which has questions on eating regimen and train, is used to find out whether or not somebody ought to get a reduction on their coverage.
Well being IQ offers life insurance coverage with a four% low cost for individuals who move the quiz. Customers are eligible for an additional four% low cost in the event that they meet sure thresholds like operating an eight-minute mile.
And he says that as a result of it’s based mostly on wholesome way of life as an alternative of household historical past, for some individuals it might save them one other 25% to what they might be paying elsewhere.
“Those that have taken duty ought to get a particular fee,” stated Shah.
Well being IQ is paid a fee by insurance coverage carriers each time it sells somebody a coverage.
Shah stated he want to transfer past life insurance coverage and broaden to medical insurance, however he laments that the present U.S. system doesn’t permit for wholesome individuals to pay a decrease price.
He hopes that may change sometime and that he can execute on an idea that he believes promotes “meritocracy.”
Well being IQ has raised $eighty one million because it was based in 2014.
Featured Picture: Ascent Xmedia/Getty Photographs
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