This Ex-Googler Partners With Insurance Firms To Reward Those With Healthy Lifestyles

After selling his company to Google, Munjal Shah faced a health scare that led him to better health.

He eventually launched Health IQ, a startup that offers life insurance to the healthiest Americans.

Shah's venture into the insurance industry was inspired by his transformation and the realization that health-conscious individuals could benefit from lower insurance rates.

Health IQ's unique approach involves identifying individuals who are serious about their health through a specialized quiz.

This method has allowed the company to offer discounted rates to those who lead healthy lifestyles, such as runners, vegetarians, and yoga practitioners.

The company's research found that these individuals are 41% less likely to die prematurely, particularly from cancer, reports CNBC.

At 37 years old, he still hadn't managed to shake his habit of indulging in sugary treats. “Honestly, what went through my head is that it seemed so unfair,” Shah told the outlet. “I had the best day of my entrepreneurial life after 10 years of work, and then I was going to die.”

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Shah's company operates as a managing general agent (MGA), partnering with insurance carriers to provide special rates for the health-conscious.

Health IQ has secured deals with carriers like SBLI, or Savings Bank Life Insurance, as well as Ameritas, and Assurity. It offers up to an 8% discount for those who pass their health quiz and meet certain performance thresholds.

Despite the potential for people to cheat the system, Shah is confident in the integrity of his model.

He believes the health-conscious community is committed to long-term lifestyles, which aligns with the company's goal of rewarding healthy living.

Health IQ's innovative approach has attracted significant investment, raising over $81 million in funding, and has enforced $5.3 billion in insurance coverage in just 22 months.

This initiative not only highlights the potential for personalized insurance rates based on lifestyle choices but also raises questions about privacy and the accessibility of such benefits to all individuals.

As Health IQ continues to grow, it challenges traditional insurance models and encourages a shift towards more health-conscious living.

This story is part of a series of features on the subject of success, Benzinga Inspire.

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Image by Daniel Reche from Pixabay