Called Yulife, the insurtech business describes itself as the UK’s first ‘lifestyle insurance business’ and plans to use AI and behavioural science to enhance and protect lives.
A simple digital product will be sold direct to businesses and individuals when the proposition launches later this year.
The provider will use technology, rewards and apps to motivate customers to keep holistically healthy, and says it will work with key wellbeing brands and ambassadors. The Yulife B2B proposition aims to help employers demonstrate their care for the financial, physical and mental wellbeing of their employees.
The company is the latest venture of serial entrepreneur, Sammy Rubin, who founded and floated his first business in his twenties, becoming the youngest director of a listed financial services business in the UK. Rubin then went on to become the founding-CEO of insurer Vitality Life. Sam Fromson joined Rubin as COO after leaving investment management and working as a community rabbi.
Jaco Oosthuizen, chief product officer, is the former CEO of South African insurance wellbeing business, Momentum Multiply, and former CEO of the Exponential Ventures investment fund. Josh Hart, chief technology officer, was a founding partner of Chelsea Apps Factory, which has created mobile apps for FTSE 250 companies, including Waitrose and Standard Life. Jonathan Roomer, chief finance officer, is a qualified actuary and former head of the KPMG startup team.
Rubin says: “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. Rapid advances in consumer health technology and shifting attitudes mean that people want more from their insurance company. We want to rise to that challenge and help our customers to be the best version of themselves.”
Fromson says: “We’re a new type of insurance company that uses behavioural science and artificial intelligence to help build deeper and more rewarding relationships with our customers. As a startup, we have rebuilt the insurance infrastructure from the ground up to support our long-term vision of creating a new type of insurance company that is simple, easy and fun to engage with.”
AIG Life UK partnerships director Nicola Dryden says: “We’re always looking for smart and easy ways to help customers take care of their families financially and enjoy better, more peaceful lives. Yulife’s fresh thinking does just that and rewards customers for looking after tomorrow.”