Health IQ Raises $55M
According to The Wall Street Journal, “the maker of an online quiz that prods marathoners and weightlifters about their exercise habits,” aka Health IQ, has raised $55m at a ~$450m valuation. Investors that participated in the round include Aquiline Capital Partners, Greenspring Associates and Andreessen Horowitz.
Founded in 2014, the Mountain View, CA-based company has written around $21b in coverage in the past three years. Last month, Health IQ attracted ~990k visitors to its site, but less than 7% came from Google where people search for insurance. The company mostly relies on social media and display advertising that are significantly cheaper than search advertising. Here’s one of their many Instagram ads:
“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.” – CEO of Health IQ, Munjal Shah.
“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'”. – Max Chee, Aquiline Technology Growth.
We call this the EverQuote of life insurance.