Technology startup yulife has launched its new “lifestyle insurance” app and announced it has secured £3 million in a funding round led by LocalGlobe, the investor behind the likes of LoveFilm and TransferWise. Anthemis Exponential Ventures and OurCrowd also joined the round.
Yulife was created to revolutionise the life insurance industry and has built its wellness and insurance proposition using artificial intelligence and behavioural science.
The company hopes to create lasting, positive lifestyle changes through its insurance and game-based app, which rewards its members with ‘yucoin’ – its own currency of wellbeing – for making changes such as walking to work or meditating.
The startup is the latest venture of serial entrepreneur Sammy Rubin, who founded and floated his first business in his twenties, before becoming the founding-CEO of insurer Vitality Life. The yulife wellbeing app is inspired by the medical philosophy of physician, author and presenter Dr Rangan Chatterjee, the physician, who is also yulife’s chief wellbeing officer.
Sammy Rubin 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.”
Tara Reeves, partner at LocalGlobe, added:
“yulife is reimagining life insurance in a compelling way. Focused on wellness, rewards and gamification, yulife brings a whole new generation to life insurance and to a product that is designed with their needs in mind.”
The yulife app is available on the App Store.