London-founded startup yulife that combines a life insurance, employee well-being program, and rewards has raised £3 million from in a funding round led by LocalGlobe, with participation from Anthemis and OurCrowd. The company's policies are underwritten by the insurance behemoth AIG.
yulife's aim is to “create lasting, positive lifestyle changes by rewarding simple, everyday activities through insurance and game-based app,” the company stated in a press release. In a nutshell, the application gives the users “yucoins” for things like walking to work or meditating with another app, Calm; the yucoins can be then exchanged for things like Avios points, Asos vouchers, and NowTV passes.
“Life insurance is an incredible product, but the proposition has to evolve to fit the needs of a new generation,” said Sammy Rubin, the founder and CEO of yulife who also co-founded the insurance company Vitality Life back in 2004. “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 markets itself as a comprehensive package for corporate clients that includes life insurance and a well-being program for employees. In addition to that, the company says that the policies are “fully flexible” and allow people to top them up and transfer them when they leave the company.