Preventive healthcare start-up GOQii will be going live with its customisable insurance products by the end of 2021. The start-up has been testing these products under IRDAI’s Regulatory Sandbox, co-created with partners Star Health Insurance, Bajaj Allianz General Insurance and Kotak Mahindra General Insurance.

GOQii has been manufacturing fitness tracking wearables linked to its app, which offers several features and parameters to track physical and dietary health of the users. The users get access to coaches, doctors and experts on the platform depending on various plans selected. Having gathered data around the same for over seven years with a present paid active userbase of 5 lakh, the start-up is in an advantageous position to tie-up and sell insurance products to its users over the app.

Health Risk Assessment

A key metric in the app is the Health Risk Assessment (HRA) rate, an important parameter using which founder and CEO Vishal Gondal wants to help users get a fitter life while also benefiting the insurance companies looking to offer policies to users.

Also read: Three GOQii wearables get medical device registration from CDSCO

Based on how healthy a person is, GOQii will be offering a differential pricing and plan to every user, which can further be customised based on improvement in their health.

“It took us three years to convince the regulator and the companies to partner with us. We will be able to start our outcome-based insurances, where once you have a health outcome, depending on the result, dynamically we will be able to change your pricing, coverage and benefits completely. We are looking at a different approach of fundamental healthcare,” Gondal told BusinessLine .

“We look at how many people have managed to reduce their health risk. That’s an important parameter to judge improvement. We monitor HRA rate on a monthly basis. Last year about 30 per cent users had a marginal improvement in health risk but 18 per cent showed substantial improvement,” he added.

GOQii already has an existing insurance plan with Max Health Insurance.

E-comm platform

The start-up health management app also has an e-commerce platform where it sells health related products, which is a major revenue contributor to the company. Its users are spending around ₹ 4,000-5,000 per year on the app on an average.

This comes at a time when the fintech and especially insurance space is heating up. In June, after getting an insurance licence, Walmart-backed payments app PhonePe expanded to 15 offline retail stores.

According to media reports, earlier this month, fintech lender ZestMoney also got its licence.