Lifestyle insurtech startup Yulife has raised £3m in a funding round led by UK-based venture capital firm LocalGlobe to launch its operation in the UK.
The funding round was also joined by fintech investor Anthemis Exponential Ventures and Israel-based venture investor OurCrowd.
The London-based lifestyle insurance business was established in 2016 by CEO Sammy Rubin, a former CEO of Vitality Life.
The company offers a game based wellbeing app based on artificial intelligence (AI) and behavioural science which encourages employees to take care of their physical and mental wellbeing and receive rewards.
People are encouraged for small, everyday lifestyle changes including walking to work or meditating using health app and are rewarded with yucoin, the Yulife currency of wellbeing.
Yucoin can be exchanged for rewards including Asos vouchers, Avios points as well as NowTV passes.
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.”
Yulife chief operating officer Sam Fromson said: “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.
“Businesses are bombarded with complex benefits options and wellbeing packages that quickly fade out of use. Yulife offers an engaging and compelling proposition of life insurance, wellbeing and rewards, all in one simple app.”
AIG is underwriting the startup’s insurance policies.