Health IQ
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Health IQ, founded in 2013 by former Googler Munjal Shah and Gaurav Suri, was a California online insurance platform. It began as a life insurance intermediary rewarding healthy lifestyles with lower rates, then pivoted in 2019 to selling Medicare Advantage plans to aging Baby Boomers, using data-driven insights and AI. Backed by Andreessen Horowitz, Aquiline Capital Partners and others, it raised more than $200M in equity and convertible debt.
02 / Health IQ FAILURE REASONS
Failure reasons
Health IQ failed after burning through its cash: it was in crisis mode by late 2022, rapidly depleting its reserves and laying off hundreds of employees and contractors on December 8, 2022, while facing dozens of lawsuits over unpaid wages and benefits. On August 30, 2023 it filed for Chapter 7 bankruptcy in Delaware to liquidate, listing just $1.3M in assets against $256.7M in liabilities to lenders, investors and vendors. Court filings also showed continued high founder compensation during the turmoil, which drew criticism.
03 / EVENT HISTORY
Events in the structured record
- Bankruptcy
Health IQ filed liquidation bankruptcy in Delaware federal court 30 Aug 2023 with $256.7M liabilities vs $1.3M assets. Inforuptcy docket: Hi.Q, Inc. dba Health IQ, case 23-11361, liquidation bankruptcy Voluntary, filed 08/30/2023.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Health IQ was founded in 2013 by Munjal Shah and Gaurav Suri as a life insurance platform rewarding healthy lifestyles; it pivoted to Medicare Advantage plans in 2019 and raised more than $200M.
- 02
In crisis by late 2022, it laid off hundreds of employees and contractors on December 8, 2022 while facing lawsuits over unpaid wages and benefits.
- 03
On August 30, 2023 Health IQ filed for Chapter 7 bankruptcy in Delaware to liquidate, with $1.3M in assets against $256.7M in liabilities.