Building loyalty in a company is a tricky business. It often takes more than dress-down Fridays, free donuts and table tennis to motivate employees, build a nice work-life balance – and make them feel good about coming to work! So, how does a modern company offer that bit extra? Say hello to yulife.
A new InsurTech start-up is giving firms the opportunity to give their staff life insurance and earn rewards for maintaining physical and mental wellbeing. yulife,a start-up based in Shoreditch, offers group life insurance policies from £4.99 per month, per member and all policies are covered by insurance powerhouse AIG.
Companies of 50 and 100 employees have been signing up to yulife when it launched in 2018, with clients including Net Influential, Landbay and Camino Partners.
The company is the brainchild of Sammy Rubin, (pictured above) the former Vitality Life CEO who has worked in the insurance industry for years but always had a passion for health and wellbeing.
“I wanted to create an insurance company that doesn’t only take care of you in death, but also in life,” Rubin explains. “An insurance company that actually improves your lifestyle – a lifestyle insurance company, if you will.”
For every employee that signs up, they are able to get access to a free wellness app, which offers rewards for staff that complete various health and physical wellbeing tasks. Users are given yucoin for every task they complete, such as meditating, doing yoga, jogging or walking a mile. This currency can be converted into rewards which includes vouchers from ASOS and Amazon and discounts from retailers and brands such as EAT and Urban Massage.
The app includes elements of gamification and leader boards that you can compete against other members of staff, especially when it comes to the number of miles you have walked or run.
You are prompted with daily alerts and push notifications with mindful tasks and exercises to help improve your health and productivity.
Earlier this year, yulife raised £10m in a funding round led by Creandum Funds, with participation from MMC Ventures, Notion Capital, Anthemis Exponential Ventures, RGAX, and OurCrowd.
The company currently has over 40 employees and is expanding quickly. The firm has included well-known influencers in the industry to help share their vision including Dr Rajan Chatterjee and Ella Mills of Deliciously Ella.
yulife was listed 3rd in the TechRound100 of start-ups to watch in 2019.
This article was produced in association with yulife