How yulife are using life insurance to increase employee wellbeing

by Startacus Admin

We take a look at yulife, a new InsurTech startup shaking up the life insurance sector and how life insurance coverage is provided to UK companies, with customers earning rewards for healthy activities.

Life insurance that inspires life!

One way it's doing that is changing the perception of the life insurance industry. The company strongly believes that life insurance doesn't need to be so morbid in outlook, and needs to focus much more strongly on the present as opposed to the distant future. 

As a result, yulife places emphasis on the importance of employee wellbeing, making it the most important aspect of its insurance package which it sells to businesses across the country. This is because the startup releases that it is not only the employee but the employer too, who will benefit from people leading healthier lives.  

“I wanted to create an insurance company that doesn’t only take care of you in death, but also in life,” explained founder Sammy Rubin, previously CEO at Vitality Life, back in November 2018 when they launched.  “An insurance company that actually improves your lifestyle – a lifestyle insurance company, if you will.”

And it seems Investors agree that lifestyle insurance has legs, as just a few months ago, yulife raised £10m in a funding round led by Creandum Funds, with participation from MMC Ventures, Notion Capital, Anthemis Exponential Ventures, RGAX, and OurCrowd.

But how are yulife increasing employee wellbeing through their life insurance services? Startacus takes a closer look.

Earning yucoin

One way that yulife incentivizes employees to live healthier lifestyles is through the opportunity for staff to earn yucoin: which is the life insurance firm’s reward currency that has a number of benefits if they are used regularly.

Employees can earn coins simply by tracking their daily activity. and earn additional income by taking part in competitions or quests. 

For every 2000 steps completed, you can earn 2 yucoin, with the maximum that can be earned for passive activity daily is 12 coins, and 18 coins as the cap for including quests. There is not a cap for bonus coins that you have earned through competitions. 

People can view how much yucoin they have by opening the app on their phone.

By accumulating enough coins, you can redeem them for rewards.

Encouraging motivation

Through the app, yulife encourages motivation amongst employees through the company leaderboards that available. This allows members to see where you are on the board amongst friends, colleagues and workspaces members. At the same time, all people using the app have the ability to choose whether to opt-in or out.

Taking on mindfulness challenges

Not only can you earn yucoin, and therefore ultimately rewards, from engaging in physical activity, but this also applies to those who engage in mindfulness activities too. The app offers the opportunity for people to take part in mindfulness challenges and progress through a variety of levels. As a result, the company promotes wellbeing both physically and mentally for those who participate in the scheme.

Rewards and vouchers 

By using the yulife app to log daily activity as well as take part in mindfulness activities or challenges, people can receive a variety of rewards or vouchers from one of the brands that yulife has partnered with. This is another way in which the start-up helps to motivate employees to take care of their wellbeing, by rewarding staff for the hard work they do.

For example, members can exchange their yucoin and redeem coins to use on Amazon, Asos, Avios, M&S and many many more! Nice. 

We look forward to keeping an eye on the yulife journey and the impact they could have on both the insurance sector and employee wellbeing. Now off we go on that mid-morning walk we've committed to...

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• #insurance
• #mindfulness
• #insurtech
• #health
• #yulife
• #wellness

Published on: 19th October 2019