Lifestyle insurance startup launches in UK following £3m investment round
Said to be the world’s first lifestyle insurance business, yulife is launching this week in the UK.
The company was born out of a desire to ‘revolutionise’ the life insurance industry.
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, have 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 Vitality Life.
He 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.”
yulife has built its wellness and insurance proposition using behavioural science and AI.
The app, created by games designers, rewards members with yucoin - the yulife currency - for small, everyday lifestyle changes like walking to work, or meditating using health app, Calm.
Co-founder and chief operating officer, Sam Fromson, also added: “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.
“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.”
Tara Reeves, partner at LocalGlobe, concluded: “yulife is reimagining life insurance in a compelling way.
“Focused on wellness, rewards and gamification, yulife brings a whole new generation to life insurance and to a product that is designed with their needs in mind.”