Begin-up yulife has formally launched after elevating £3m in a funding-round led by LocalGlobe, the UK investor behind LoveFilm and TransferWise.
Underwritten by AIG Life, yulife is asking itself ‘the world’s first ever life-style insurance coverage enterprise’; its proposition constructed upon rewards and advantages to workers for wellness actions and wholesome behavior modifications utilizing a gamified app.
Customers obtain ‘yucoins’ – a kind of ‘wellness forex’ – for refined life-style modifications corresponding to strolling to work and meditating utilizing well being app, Calm, progressing by way of ranges, competing in firm leaderboards and finishing for wellbeing targets. Yucoins can then be exchanged for rewards corresponding to Avios factors, Asos vouchers and NowTV passes.
Arrange by Sammy Rubin, beforehand CEO of PruProtect which rebranded as VitalityLife, yulife can also be led by rabbi, co-founder and chief working officer Sam Fromson, and doctor, podcaster and writer, Dr Chatterjee, as chief wellbeing officer.
“Life insurance coverage is an unbelievable product, however the proposition has to evolve to suit the wants of a brand new technology,” stated chief govt Rubin. “We’re constructing the world’s first life-style insurance coverage enterprise to place the shopper on the centre. Yulife has an enormous mission: we wish to assist individuals to dwell their finest lives, and we’re keen about utilizing tech and monetary providers as a power for good.”
“Now we have rebuilt the insurance coverage infrastructure from the bottom as much as help our long-term imaginative and prescient of making a brand new kind of insurance coverage firm that’s easy, simple and enjoyable to interact with,” added Fromson. “Companies are bombarded with complicated advantages choices and wellbeing packages that rapidly fade out of use. Yulife affords an interesting and compelling proposition of life insurance coverage, wellbeing and rewards, multi functional easy app.”
Traders into yulife included fintech agency Anthemis, and Israel’s OurCrowd.