yulife launches lifestyle insurance business following £3m funding round - Business Leader News

yulife launches lifestyle insurance business following £3m funding round

yulife, the world’s first lifestyle insurance business, is launching this week in the UK on a mission to make British companies healthier and happier. The company was born out of a desire to revolutionise the life insurance industry and create a financial product that is a true win win.

yulife aims to create lasting, positive lifestyle changes by rewarding simple, everyday activities through their insurance and game based app.

The startup has raised £3m in a funding-round led by LocalGlobe, the UK investor behind successes including LoveFilm and TransferWise. Fintech investor, Anthemis, and Israel’s most active venture investor, OurCrowd, also joined the round, whilst global insurance giant, AIG, is underwriting all policies.

The company 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. The yulife wellbeing app is inspired by the medical philosophy of Dr Rangan Chatterjee, the physician, author and presenter, who is also yulife’s Chief Wellbeing Officer.

yulife has built its wellness and insurance proposition using behavioural science and artificial intelligence. The app, created by leading games designers, rewards members with yucoin – the yulife currency of wellbeing – for small, everyday lifestyle changes such as walking to work, or meditating using health app, Calm. Users progress through levels, compete in company leaderboards and complete quests which drive an improvement to overall wellbeing. Yucoin can be redeemed for rewards such as Avios points, Asos vouchers and NowTV passes.

Sammy Rubin, founder and chief executive, said: “Life insurance is an incredible product, but the proposition has to evolve to fit the needs of a new generation. 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.”