Tech start-up launches 'lifestyle insurance' after £3m boost
A new insurance technology start-up is launching this week after raising £3 million in a funding round led by UK investor LocalGlobe.
Yulife claims to be the world's first lifestyle insurance company and has created a product which allows businesses to protect their staff and engage with them. The company's offering also includes a game-based app which encourages staff to look after their physical and mental wellbeing.
The London start-up is the latest venture of serial entrepreneur Sammy Rubin, who founded and floated his first business in his twenties, before becoming the founding CEO of insurer Vitality Life; and chief operating officer Sam Fromson.
"Life insurance is an incredible product, but the proposition has to evolve to fit the needs of a new generation," Rubin said.
"We are building the world's first lifestyle insurance business to put the customer at the centre. Yulife has a big mission: we want to help people to live their best lives, and we are passionate about using tech and financial services as a force for good."
Yulife's wellbeing app is inspired by the medical philosophy of physician, author and presenter Dr Rangan Chatterjee, who is also chief wellbeing officer at the company.
The company's app encourages users to build daily positive habits - like walking to work or meditating - by rewarding them with yucoin, its own currency which can be redeemed from partners including Asos, Avios and NowTV.
Users progress through levels, compete in company leaderboards and complete quests which drive an improvement to overall wellbeing.
"We have rebuilt the insurance infrastructure from the ground up to support our long-term vision of creating a new type of insurance company that is simple, easy and fun to engage with," said chief operating officer Sam Fromson.
"Businesses are bombarded with complex benefits options and wellbeing packages that quickly fade out of use. yulife offers an engaging and compelling proposition of life insurance, wellbeing and rewards, all in one simple app."
Dr Chatterjee added: "yulife looks at the wellbeing of the whole person - physical, mental and also financial. This is exactly the 360 degree view that I have been urging patients to adopt and I’m excited to be working with yulife to help our members to be their best selves!"
The £3 million investment round was led by well-known VC LocalGlobe, which has backed the likes of TransferWise.
FinTech investor Anthemis and Israel-based venture investor OurCrowd also participated.