Yulife partners with AIG for InsurTech venture
Written by Peter Walker
Yulife has partnered with AIG Life to create a new insurance proposition for the UK market.
The InsurTech startup will launch later this year, providing life insurance and wellbeing tools to businesses and consumers, delivered instantly via mobile technology. All policies will be underwritten by AIG Life, the UK life insurance arm of US insurer AIG.
Yulife plans to motivate customers to keep holistically healthy, and is working with wellbeing brands and ambassadors to develop incentives via its app. Meanwhile, the Yulife business-to-business proposition is built to help firms attract and retain employees by demonstrating their care for financial, physical and mental wellbeing.
The company is the latest venture of Sammy Rubin, who founded and floated his first business in his twenties, becoming the youngest director of a listed financial services business in the UK. He went on to become the founding-chief executive of insurer Vitality Life, before starting up Yulife.
Sam Fromson joined Rubin as chief operating officer after leaving investment management and working as a community rabbi. Jaco Oosthuizen, chief product officer, is the former chief executive of South African insurance wellbeing business Momentum Multiply and former chief executive of the Exponential Ventures investment fund.
Chief technology officer Josh Hart was a founding partner of Chelsea Apps Factory, which created mobile apps for the likes of Waitrose and Standard Life, and chief financial officer Jonathan Roomer is a qualified actuary and former head of the KPMG startup team.
Rubin commented that life insurance has to evolve to fit the needs of a new generation. “Rapid advances in consumer health technology and shifting attitudes mean that people want more from their insurance company – we want to rise to that challenge and help our customers to be the best version of themselves.”
Fromson added that Yulife will use behavioural science and artificial intelligence to help build deeper and more rewarding relationships with customers. “As a startup, 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.”
Yulife currently has a team of 20 people working in London.