People who work out and eat healthily shouldn’t need to 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” clbad.
Venture capitalists have been betting that insurance coverage is prepared for change and Health IQ has satisfied buyers to place one other $34.6 million within the startup for its Series C. Andreessen Horowitz is main the spherical with participation from Charles River Ventures, First Round Capital, Foundation Capital and others.
Munjal Shah, co-founder and CEO of Health IQ, mentioned that mentioned he was impressed to start out the enterprise after encountering a well being subject, proper after he offered his final startup, Riya, to Google.
It began out as an internet well being quiz and after one million individuals took the take a look at, Shah believed that he had “accidentally built the largest new mortality table in 100 years of life insurance.”
Now that quiz, which has questions on weight loss plan and train, is used to find out whether or not somebody ought to get a reduction on their coverage.
Health IQ gives life insurance coverage with a four% low cost for individuals who move the quiz. Users are eligible for an additional four% low cost in the event that they meet sure thresholds like working 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’d be paying elsewhere.
“Those who have taken responsibility should get a special rate,” mentioned Shah.
Health IQ is paid a fee by insurance coverage carriers each time it sells somebody a coverage.
Shah mentioned he want to transfer past life insurance coverage and broaden to medical insurance, however he laments that the present U.S. system doesn’t enable for wholesome individuals to pay a decrease charge.
He hopes that may change sometime and that he can execute on an idea that he believes promotes “meritocracy.”
Health IQ has raised $81 million because it was based in 2014.
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