Insurtech is a booming sector, and deep-pocketed investors show no sign of slowing down in pouring money into the next hot start-up.
The latest example is Health IQ Insurance Services, Inc., which this week announced it has raised $55 million in growth capital, bringing its total funding raised to $140 million. The firm, now valued at $450 million, creates online quizzes designed to learn about people’s exercise habits. It partners with a number of insurance firms to identify health-conscious individuals who might have lower risks of early death and who might be interested in discounts on term life insurance.
Overall, insurtech funding reached more than $3 billion in 2018, almost double the figure from 2017. This trend doesn’t look like it will slow anytime soon.