InsurTech startup yulife is launching in the UK after raising £3m in a round led by LocalGlobe. Yulife seeks to create positive lifestyle changes by rewarding simple, everyday activities through its insurance and game-based app.
Specialist FinTech investor Anthemis and OurCrowd also joined the round. AIG is underwriting the startup’s insurance policies.
Yulife is founded by Sammy Rubin, a serial entrepreneur 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.”
The gamification of many products and services has been well underway for around a decade now, but life insurance is perhaps one of the key areas where insurtech and apps can connect with the short-attention span generation currently glued to their mobiles, even when at work.
The beauty of offering health insurance via smartphone app is that you’re capturing real-time lifestyle data; gym check-ins, food photos on Instagram, bike ride geo locations and so on. Then there’s all those secret visits to the local gin bar. Now, not so secret…
The clever angle with yulife is the way it targets companies and employees, with a range of rewards and freebies. Things like gig tickets, air miles and free gym memberships are seen as a `given’ by many employees aged under 30, who feel they deserve plenty of treats simply for turning up four days a week.
A mixture of carrot and stick, spoon-fed via a smartphone app, is argubly the path of least resistance when it comes to marketing an old fashioned service suich as Life and Health insurance, to a new, kinda fickle generation. Time will tell.