Health IQ Secures $55 Million In Series D Funding to Expand Its Special Rate Life Insurance for People Who Live a Healthy Lifestyle | Business Wire

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Health

IQ Insurance Services (Health IQ), the nation’s fastest growing life

insurance company, today announced it's 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. 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 forwards,” 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. Other products.

“What drew us to Health IQ was its data advantage. This is an insurance

company that's 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 utilise 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. 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. 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.

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's

backed notable startups such as Zymergen, N26, Raisin, Yanolja. Grab.

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