A new life insurance start up is rewarding customers who keep healthy. Whilst this idea is not new, Shoreditch based start-up, yu life, are rewarding everyday healthy activities through its game-style app.
Customers receive Yu Coins or a ‘currency of wellbeing’ which can be exchanged for real-life rewards such as vouchers from Amazon and ASOS.
Run a mile? Mediate using the Calm App? You will receive Yu Coins.
The company is the brainchild of Sammy Rubin, who grew up in the UK and lived temporarily in Safed, Israel.
Rubin started a successful insurance brand straight out of university in the 1980s. The company, called Policy Portfolio, was listed on The London Stock Exchange just four years after its launch and was subsequently sold to asset management heavyweight Investec.
Rubin continued to work for VitalityLife, a brand well known for connecting life insurance and rewards, and he helped build the company to become a household name.
Yu life offers life insurance to business teams, otherwise known as group life insurance. It is a considered an important employee benefit and the competitive nature of the app encourages engagement between staff members to get fit and do exercise.
With clients consisting of companies from 20 to 500 people, employees can protect their loved ones financially if they become unwell or die. Policies start at £4.99 each month, per member.
The InsureTech company is partnered with AIG, one of the world’s largest insurers, who provide the licence for the product.
In May 2019, the company raised £10 million worth of Series A funding in a round lead by Creandum Funds.