AIG Life has partnered with insurtech startup, Yulife – founded by ex-Vitality CEO Sammy Rubin – in order to provide lifestyle insurance and wellbeing tools.
Yulife is marketing itself as “the world’s first lifestyle insurance business”, – but arguably Vitality with its lifestyle insurance range could also claim that title.
For example, through the Vitality brand, customers have been able to buy an Apple Watch Series 3 for as little as £29.
Yulife says it will motivate customers to keep holistically healthy, and is working with some of the “best loved wellbeing brands” and ambassadors in the country.
The marketing material describes Yulife’s partnership with AIG Life as a “groundbreaking new insurance proposition”.
However, rewarding and incentivising insurance customers is not ground breaking. Times have moved on. For example, Vitality’s philosophy has long involved incentivising and rewarding its insurance customers.
Little detail was provided on the “groundbreaking proposition” – except that it would involve “innovative technology, rewards and apps”.
Yulife has a team of 20 people working in London and is preparing to launch later this year.
All Yulife policies will be underwritten by AIG Life, the UK life insurance arm of AIG.
Yulife said businesses need “new and more meaningful benefits” to engage and attract a workforce in an increasingly competitive market.
The startup says the Yulife B2B proposition is therefore built to help business owners demonstrate their care for the financial, physical and mental wellbeing of their employees.
Sam Fromson, co-founder and COO of Yulife said: “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”.