The paid subscription-based app, launched in June, provides families and caregivers with shared access to essential financial, legal, medical, and personal documents.
Actor Kunal Nayyar, who played Raj Koothrappali on the CBS sitcom “The Big Bang Theory.”
The idea was born from personal experience. While organizing his parents’ trip from India to the U.S., he struggled to gather flight numbers, passport details, and hotel confirmations. He couldn’t fathom why no one had created a way to safely store and share sensitive documents that family members routinely need access to.
“That was the seed of what IQ121 became—a digital storehouse for sensitive documents that families can access under one account,” Nayyar says. Speaking with Barron’s Advisor, Nayyar lays out the underpinnings of his new company and the importance of securely storing sensitive documents digitally.
Why does the issue of digital preparedness hit so close to home?
We live in a world where families live very, very far apart from each other. My parents live in India, while I live in Los Angeles and London, and I travel a lot. Every time I needed to book tickets for my parents or needed some information from them, whether it was a picture of a passport or a license or any paperwork that we were filling out as a family, it was difficult. I was literally on a plane once, and I said to myself, “Why do we not have a place where we can safely store all of these sensitive familial documents?” So, we built one.
Why is digital preparedness such an important topic for financial advisors to address with their clients?
Almost everything in the financial world is already digitized or becoming more digitized. So, you either fight it or you join it. What’s the alternative? To continuously store archaic paperwork? I don’t think that’s a viable option.
I think it’s important for financial advisors to let their clients know that IQ121 is not trying to take something from them. It’s actually trying to make your life easier. This is especially true given that so many families are spread out geographically.
Getting access to information isn’t always easy if you aren’t located within close proximity. Even if you live close by, getting access to information in real time can be challenging.
Why should people consider storing their information digitally versus a physical location?
Because it’s safer. Many people, older people especially, store their sensitive information in a safe or another location they view as secure, but you saw what happened to people during the Pacific Palisades wildfire in California in January; everything burned to a crisp.
A lot of my friends lost their homes. And when I was hearing those stories, it reinforced that what we’re doing is creating a place where families can safely store photographs and other memories, as well as investment documents, property deeds, passwords, wills, health and life insurance information, and more.
IQ121 is backed by military-grade AES-256 encryption—the technology used by banks and governments. So, this is, in fact, even a safer place for people to store all of their sensitive documents.
Many older people are afraid of storing information online or don’t trust online applications. How can financial advisors help?
I think a lot of this has to do with reassuring them that their sensitive documents can be safely stored in the app, and that they need to be stored somewhere safer than where they currently have them. It’s also easier to access them.
So, you don’t have to worry about the printer breaking down when you need to provide a financial advisor with a document or when you need to send something to the doctor and you can’t because the scanner doesn’t work.
Next-gen clients may also need convincing to organize their digital footprint.
For younger clients, the ability to consolidate their important documents in one place is huge. They don’t have to think about where their whole digital life is stored. And if someone else, like their parents, needs access to the information, it will all be there in the app.
Families can also share photos of, say, the family vacation, without having to keep asking each other for photographs. I have cousins who live in Singapore, the U.S., India, London, and all over the world that I can easily share photos with.
Why is having documents in a shared digital space so important for caregivers?
Having the ability to access sensitive documents in real time can be critical. I can take a look at my father’s life insurance plan, for example, or I can review my parents’ investment statements to help them invest better.
What have you been doing when you aren’t busy with the new company?
My main day job is still as an actor. I have a Christmas-themed movie coming out in November, and I just finished filming a couple of other movies back-to-back. I also have a production company that develops film and TV projects.