"Unusually for financial services, our product creates a deep alignment of interests between the insurer, the company and the individual."
- Sammy Rubin, chief executive and co-founder of YuLife
Founded in 2016, YuLife provides approximately £40bn of cover to over 500,000 policyholders.
However, the London-headquartered company has recently claimed that the existing $6 trillion industry is not fit for the future due to its low perceived value, trust, and engagement.
Consequently, YuLife has made the decision to improve the current model through an app built by gaming industry veterans.
The YuLife app enables employees to complete everyday wellness activities to earn YuCoins, which can be spent on gifts, charity donations, or planting trees.
Sammy Rubin, chief executive and co-founder of YuLife has said that the app has “transformed how people view life insurance” and since the Pandemic there has been a drastic increase in demand for YuLife’s products with the company seeing a fivefold rise in gross written premiums in the past 12 months.
“Insurance has the potential to achieve tremendous social good. Unusually for financial services, our product creates a deep alignment of interests between the insurer, the company and the individual.”
Currently, YuLife’s gamification concept is enjoyed by more than 500,000 policyholders across 500 businesses, including Co-op, Del Monte, Jaguar Land Rover and CapitalOne.
YuLife claims that over a third of its policyholders engage with the life insurance app daily and 87% of users have noted an improvement in their well-being since using YuLife.