At Health IQ our goal is to improve the health of the world by rewarding those with healthy lifestyles – runners, cyclists, weightlifters, well-managed diabetics and others – with lower rates on insurance. We are thrilled to announce that we’ve secured $55 million in Series D funding led by Greenspring Associates, Aquiline Technology Growth, Hanwha Asset Management, as well as additional financing from existing investors such as Andreesen Horowitz and others. This investment means we can expand our special rates and ways of rewarding clients with healthy lifestyles even further.
“Consumers are responding well to our lower rates. Our company has reached $21 billion in client coverage and is adding an additional $2 billion every few weeks. Since our last funding announcement in 2017 our coverage amount has tripled. Health IQ has grown from seven billion to 21 billion in coverage,” said Health IQ CEO Munjal Shah.
In the last three years, Health IQ’s special rate savings for clients has increased from 4% up to 41%. Today the average life insurance client that works with Health IQ will save $4,289 with rate savings and up to $6,279 through underwriting savings over the course of a 30-year policy.
“At Greenspring, we’re always looking for market leaders and companies that demonstrate momentum. That’s why we’re investing in Health IQ, one of the nation’s fastest growing new life insurance companies. We’re excited to be part of Health IQ’s growth going forward,” said Jim Lim at Greenspring Associates, an $8.8 billion firm that supports promising companies throughout their lifecycles.
Over the last three years Health IQ has continued innovating by offering new products like special rate life insurance for well-managed diabetics, special rate disability insurance, and other products.
“What drew us to Health IQ was its data advantage. This is an insurance company that is using science and data to more accurately price insurance for its clients. We believe the next generation of insurance will be this form of accurate pricing. We call this new trend ‘Precision Insurance,’” said Max Chee of Aquiline Technology Growth (ATG), which is the early and growth stage fund managed by Aquiline Capital Partners, a New York and London-based private equity firm investing in the financial services and technology sectors.
Mr. Chee added, “As focused insurance technology investors, we see Health IQ as highly differentiated from other Insurtech companies. In canvassing the market, we found Health IQ’s innovation in bringing fair prices to consumers highly compelling. Aquiline is excited to support Health IQ and utilize our insurance industry expertise to help the company further innovate and expand as they continue their mission to offer unique products to health-conscious individuals.”
To date Health IQ has raised $139.5 million from a diverse and respected group of investors: Charles River Ventures, First Round Capital, Greylock Partners, Menlo Ventures, Ribbit Capital, Felicis Ventures, Foundation Capital, Andreessen Horowitz, Greenspring Associates, Aquiline Technology Growth, and others.
Our clients can only save thanks to the hard work of the entire Health IQ Team, a wonderfully diverse and motivated group of individuals committed to living their own healthy lifestyles and increasing individuals’ health literacy. Improving the health of the world does not happen on its own. Earlier this year Health IQ was named to Wealthfront’s List of Best Companies To Launch A Career.
With this investment we will continue to expand our special rates and explore new ways of rewarding clients with healthy lifestyles and high health literacy even further. We will also continue to expand our operations in both our Mountain View and San Diego, California office locations.