Healthtech startup GOQii to soon launch customisable insurance products

Fitness technology start-up GOQii will launch its customisable insurance products by the end of 2021, The Hindu Business Line reported Monday. The startup has been testing its upcoming offering co-created with Star Health Insurance, Bajaj Allianz General Insurance and Kotak Mahindra General Insurance as partners in accordance with Irdai’s Regulatory Sandbox.

The “Regulatory Sandbox Approach” can be used to carve out a safe and conducive environment to experiment with innovative approaches (including Fin-Tech solutions), and where the consequences of failure, if any, can be contained.

GOQii is into wearable based smart-tech enabled fitness and healthcare and its platform brings together preventive healthcare ecosystem. It offers various features and parameters to keep a check on the physical and dietary health of the users.

The smart health ecosystem integrates tools for personalised coaching, a health e-commerce store, scheduling health check-ups and a health locker. Depending on the type of plan selected, the user gets access to doctors and experts.

With an optimum data collected over 7 years and a paid active userbase of 5 lakh, the startup is arguably in a favourable spot to enter into insurance biz.

Based on various health parameters, GOQii will offer a differential pricing and plan to its users, 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,” founder and CEO Vishal Gondal told BusinessLine.

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