yulife raises £3m ahead of its UK product launch

yulife, an online lifestyle insurance company, has raised £3m in funding ahead of the launch of its platform in the UK.

The equity financing round was led by LocalGlobe, with participation also coming from Anthemis Exponential Ventures and OurCrowd.

Founded in 2016, the company aims to build positive lifestyle changes through rewarding simple, everyday activities via their insurance and gamified app, according to the company. The platform acts as a wellness and insurance proposition solution which uses behavioural science and AI.

Members are rewarded on the app with yucoin’s which can be used redeemed for rewards such as Avios points, gig tickets, gym memberships, Asos vouchers and NowTV passes. A user can ear these coins from completing simple tasks like walking to work or meditating with health app Calm.

There are levels for users to progress through, company leaderboards to compete on and additional health-based quests to finish.

A launch for the platform is set for the UK market later this week. AIG, the global insurance giant, is the underwriter for all policies on the yulife app.

yulife co-founder and COO 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.”

Earlier in the year, LocalGlobe took part in the $10m Series A round of personal finance chatbot Cleo. The capital raised the capital to hire new staff, support product growth and expand internationally.

Copyright © 2018 FinTech Global

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