Later this year Yulife, a London-startup will be launching the UK’s first lifestyle insurance website – offers life insurance 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.
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.
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 they receive ‘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 app uses both artificial intelligence and behavioural science to increase user engagement and there are 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 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 uses behavioural science to help build deeper and more rewarding relationships with our customers,” adds Fromson.
Yulife are currently based in Camden, London with a team of 20 employees.