InsurTech gets fresh investment ahead of launch
Written by Peter Walker
InsurTech startup yulife has raised £3 million in a funding round led by LocalGlobe, the UK investor behind LoveFilm and TransferWise. Fintech investor Anthemis and Israeli venture investor OurCrowd also joined the round, which bolsters the company’s coffers ahead of its launch this week.
In June, yulife confirmed that all its policies will be underwritten by AIG Life, the UK life insurance arm of US insurer AIG.
The ‘lifestyle insurance business’ is the latest venture of serial entrepreneur, Sammy Rubin, who founded and floated his first business in his twenties, before becoming the founding chief executive of insurer Vitality Life.
The yulife wellbeing app is inspired by the medical philosophy of physician and author Dr Rangan Chatterjee, who is also acting as the firm’s chief wellbeing officer. It aims to create lasting lifestyle changes by rewarding everyday activities through insurance and the game-based app, using behavioural science and artificial intelligence.
The app rewards members with ‘yucoin’ for 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 overall wellbeing. Yucoin can be redeemed for rewards such as Avios points, Asos vouchers and NowTV passes.
Rubin commented: “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.”
Co-founder and chief operating officer Sam Fromson 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.”