This year a London-startup will be launching the UK’s first lifestyle insurance website.
Yulife, based in the tech hub of Camden Town will be offering a bespoke life insurance product for businesses and their employees. The company is backed by the UK Insurance company AIG Life, who will be the underwriters for the policies provided and the team is currently made up of 20 employees.
Yulife plans to provide life insurance to both businesses and consumers and wellbeing tools which are made available to employees through a mobile app. Users are rewarded for keeping healthy, attending exercise classes and receiving ?yucoins? for every mile that they walk. These rewards can later be transferred into discounts from leading lifestyle brands such as Urban Massage, EAT, ASOS and more.
The company has been founded by Sam Fromson and Sammy Robin, the former CEO of Vitality Life who is also the youngest director of a listed financial services business in the UK.
The app uses both artificial intelligence and behavioural science to increase user engagement and includes online leaderboards and daily bonuses to increase rivalry and participation within a company. The startup is currently in conversation with some high-profile brand ambassadors in the fitness and health industry to launch their product in Q4 this year.
?Rapid advances in consumer health technology and shifting attitudes mean that people want more from their insurance company,? says Rubin.
?We?re a new type of insurance company that focuses on a lifestyle insurance concept to build deeper and more rewarding relationships with our customers,? adds Fromson.
Research carried out by yulife showed that life insurance was considered to be one of the top 3 most important employee benefits offered by employers. In addition, those employees with a higher sense of wellbeing and participated in more physical activity were around 30% more productive and less likely to take sick days.
