Star Tech: Wellx – UAE's first-of-its kind insurance platform

Wellx, founded by Vaibhav Kashyap and Javed Akberali this year, is the Arabian Gulf’s first-of-its-kind Insurtech platform that rewards individuals on the completion of health and lifestyle goals.

The company uses cutting-edge data analytics tools to hyper-personalise the wellness experience for individuals, families, and corporate entities.

The startup, which was born out of the Covid-19 pandemic, has partnered with new-gen technology companies, STEPPI & WHOOP, to track and monitor people’s physical activities.

Akberali, co-founder and Managing Director (MD), Wellx, weighed in on how and when he hit upon the big idea.

“The Covid-19 pandemic has brought a different perspective to well-being and brought to the fore the fragility of human life.

“Now, wellness has become a priority, and has even eclipsed financial security for many. The idea of Wellx came about from a desire to infuse wellness within the financial services space. Health Insurance was the perfect way in. We set out to build an insurance proposition that not only provides protection but also helps enhance the day-to-day lives of people. We wanted to create a wellness experience that focuses on building happier, healthier, and more resilient communities. Insurance helps us make it happen. Inspired by the UAE leadership’s drive on creating a healthier nation through initiatives such as the National Strategy for Wellbeing 2031, we believe the time and place for a solution like this is here and now,” he said.

Kashyap, co-founder and chief executive officer (CEO), Wellx, had a take on the insurance sector. “Traditional insurance doesn’t tackle the elephant in the room: despite overall increased financial security, lifestyle diseases and stress-related conditions being on the rise.

“As an industry, insurers must focus on our solution not being just a ‘rainy-day’ product that helps you only when you fall sick. Insurance must also provide you ‘everyday’ benefits – that’s Wellx,” he said.

He said their startup can turn health into currency.

“We’re seeing a renewed appreciation for wellbeing in people’s approach to their everyday life. While people continue to try to be healthier, why not convert all the good to something better? Studies show financial rewards have an impact on motivation and engagement in wellness programmes, hence our “cash back” proposition. With Wellx, the insurer pays the customer for taking care of their health. Customers set their own goals and earn cash back when they achieve it,” he said.