Life insurance isn’t something your average person gets excited about, for obvious reasons. It’s also a tricky product through which to connect with customers, because life insurance is historically an exceptionally low-engagement form of insurance. Despite these challenges, there are still insurtechs working to change people’s perceptions of life insurance - one of these is UK-based Yulife.

Yulife was founded in 2016 by founder and CEO Sammy Rubin, whose experience in the life insurance industry inspired him to shake it up a bit. He wanted to create a life insurance experience to motivate policyholders to live their best lives by promoting wellbeing as the center of its product. He also wanted to do away with the complex, jargon-filled policies life insurance is known for.

"Life insurance has long been a problem and isn't a loved industry," Rubin told Techworld. "Most companies have been focused on death and when people die and that isn't something people want to address. We want to create a brand that is much more about life and protecting people when the worst happens but also inspiring them to live their best life today."



Currently available exclusively for businesses offering group insurance, Yulife policies include  life insurance, critical illness, and income protection on a simple per-employee subscription model. 

With over 100 customers already, you might wonder what the secret is to Yulife’s success. The answer is its interactive application that consistently engages individuals over the course of their policy. Gamification brings the app to life, encouraging policyholders to incorporate physical and mental wellness into their daily routines, tracking progress through wearables, and rewarding them with ‘yucoins’. As a policyholder builds up yucoins, they can be exchanged for rewards like airplane miles or discounts from retailers like Amazon and Nike.



When asked what the future holds for Yulife, Rubin says many of his plans center on the increased personalization of the product: "That’s a huge change for the industry, we have data scientists and collect so much data and are learning so much now and we want to build a whole new risk model as that actuarial model hasn't changed much since smoking was introduced as a factor in the 1960s. This will take a number of years but will be a more dynamic risk model based on lifestyle."

The company recently raised a £10 million Series A funding round in 2019, led by Creandum. All of Yulife’s policies are underwritten by AIG life.

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