On April 27, six #insurtech startups will be pitching at the Global Insurance Symposium. RiskGenius will be posting a series of articles on the Global Insurance Accelerator companies. We look forward to seeing you in Des Monies!
Hesus (CEO and founder of WeSavvy) suffered from a lifestyle that some of us are guilty of at one point or another. Poor eating habits, not exercising enough, never working off those extra pounds gained from working at a desk job or from former college days. In 2013, after having a revelation about his weight and health, he lost over 50 pounds by running and eating healthy. Despite his decrease in weight, his insurance premiums increased the next year.
Insurance companies aren’t rewarding those willing to change their lives and become healthier, thus creating the need for WeSavvy. Their mission is to put policyholders first by rewarding them for reaching their fitness goals, and to continue to incentivize them with cash/other bonuses when they increase their activity levels. This will ultimately improve their overall health and well being, while rewarding them with cash points and benefits on their insurance premiums.
Traditionally, health and life insurance is set-up so that young policyholders subsidize older ones. Premiums continuously increase, regardless of increased (or decreased) risk based on health. Often-times younger healthy policyholders end up paying more and more, which can cause them to not want to get things like life insurance, and cause dissatisfaction with their current health insurance policies and premiums.