Health IQ, a life insurance company for health-conscious individuals, has raised $34.6m in a Series C round led by Andreessen Horowitz.
The round, which takes the company’s total funding to $81m, also featured participation from existing investors First Round Capital, Foundation Capital, and Charles River Ventures.
In December last year, Health IQ closed a $41.4m Series B round, two years after collecting $5.5m in seed funding.
Founded in 2013, Health IQ claims to make life insurance fair by unlocking the value of health consciousness, delivering better rates and better underwriting for ‘the 50 million Americans who take responsibility for their health’.
The service is not only available for runners, cyclists, swimmers and vegans, but also people who have a chronic disease but manage it well such as diabetes. It has closely partnered with innovative life insurance carriers SBLI, Ameritas and Assurity, and reinsurer partner Swiss Re, to get lower rates for health conscious people according to its website.
Alex Rampell, Andreessen Horowitz general partner, said: “Much of the insurance industry today is based on outmoded, mass-packaged research with a one-size-fits-most mindset, which results in overpayment from consumers and improper risk assessment for carriers.
“Health IQ takes a modern, data-driven approach to insurance which gives carriers more accurate assessments and offers fair, low rates to consumers.”
The company plans to use the new funding to fuel hiring in its Mountain View and San Diego offices, continue product development and accelerate customer growth.
In the first three quarters of the year more than $1.02bn has been invested across the global InsurTech market according to data by FinTech Global.
Copyright © 2017 FinTech Global