Nation’s Fastest Growing Life Insurance Company receives Series D
funding from Greenspring Associates and Aquiline Technology Growth with
participation from Andreessen Horowitz
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Health
IQ Insurance Services (Health IQ), the nation’s fastest growing life
insurance company, today announced it has 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. Health IQ’s mission is
to improve the world’s health by rewarding runners, cyclists,
weightlifters, well-managed diabetics, and other Americans living a
healthy lifestyle with lower rates. Since pioneering the use of science
and data to measure the impact of healthy lifestyles, Health IQ has
experienced rapid growth.
“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.
Since first selling policies in 2016, Health IQ has been able to use its
science and proprietary data to increase the discount that consumers get
when buying life insurance. In the last three years, the company’s
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 further innovated 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.
ABOUT HEALTH IQ
Health IQ is an insurance company on a mission to improve the world’s
health by rewarding runners, cyclists, weightlifters, swimmers, yogis,
well-managed diabetics, and other Americans living a healthy lifestyle.
Health IQ gives these individuals credit for their healthy lifestyle
through lower rates. Since pioneering the use of science and data to
measure the impact of healthy lifestyles, Health IQ has become the
fastest growing life insurance company in the nation. Health IQ has
grown from zero to $21 billion in coverage in the last three years. The
company was founded for the health conscious by the health conscious.
The company’s three founders were each touched by a personal health
challenge and overcame them by adopting a healthier lifestyle. The
founders wanted to inspire and encourage others to embrace a healthy
lifestyle by giving them financial rewards. For more information visit www.healthiq.com.
ABOUT GREENSPRING ASSOCIATES
Greenspring Associates was founded in 2000 to focus solely on venture
capital investments. Through a comprehensive platform, the Firm serves
as a lifecycle partner for entrepreneurs and fund managers, investing
across multiple stages, sectors and geographies. An established investor
in financial and insurance technology companies including Bright Health,
MoneyLion, Branch International and YieldStreet, Greenspring Associates
manages approximately $8.8 billion in committed capital across a variety
of specialized venture strategies. For more information on Greenspring
Associates and a full list of its prior investments, please visit its
website at www.greenspringassociates.com.
ABOUT AQUILINE TECHNOLOGY GROWTH
Aquiline Technology Growth (ATG) seeks to invest in early- and
growth-stage technology companies that are bringing innovation to the
financial services ecosystems. ATG is managed by Aquiline Capital
Partners, a private equity firm based in New York and London investing
in businesses globally across the financial services and technology
sector. The ATG team has experience in technology and financial services
and is supported by its colleagues at Aquiline, strategic partners, and
an active group of industry Executive Advisors. For more information on
ATG, visit www.atgvc.com.
ABOUT HANWHA ASSET MANAGEMENT
Hanwha Asset Management is a global asset management company with US$80B
in AUM and has been investing in growth stage deals globally. It has
backed notable startups such as Zymergen, N26, Raisin, Yanolja, and Grab.
Contacts
Media Contact
John Hart
[email protected]
571-279-1023
