Yulife partners with AIG to create the world’s first lifestyle insurance business
Thursday 14 June 2018
- Founded by Ex-Vitality CEO on a mission to make Britain healthier and happier
- The insurtech business will use AI and behavioural science to enhance and protect lives
- A simple digital product will be sold directly to businesses and individuals
- Partnered with AIG Life Limited to provide award-winning claims management and underwriting
- Launching later in 2018
Yulife, the world’s first lifestyle insurance business, has partnered with AIG Life to create a groundbreaking new insurance proposition for the UK market. The insurtech startup will launch later this year to provide life insurance and wellbeing tools to businesses and consumers, delivered instantly via intuitive technology.
All Yulife policies will be underwritten by AIG Life Limited, the UK life insurance arm of insurance giant AIG and an advocate of customer-friendly digital life insurance.
Yulife was born out of a desire to revolutionise the life insurance industry and create a financial product that is a true win-win. The company will enhance, not just help to protect the lives of insured people using innovative technology, rewards and apps. Yulife will motivate customers to keep holistically healthy and is working with some of the best-loved wellbeing brands and ambassadors in the country. Businesses need new and more meaningful benefits to engage and attract a workforce in an increasingly competitive market, and the Yulife B2B proposition is built to help Business Owners demonstrate their care for the financial, physical and mental wellbeing of their employees.
The company is the latest venture of the 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, before embarking on this new mission. 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 major South African insurance wellbeing business, Momentum Multiply, and former CEO of the Exponential Ventures investment fund. Josh Hart, Chief Technology Officer, is a seasoned tech entrepreneur who 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.
Sammy Rubin, founder and CEO, 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. 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”.
Sam Fromson, co-founder and COO, 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”.
Nicola Dryden, Partnerships Director at AIG Life UK, said: “AIG Life is very excited to be partnering with an innovative, fintech company like Yulife. 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.”
Yulife has a team of 20 people working in Camden and is preparing to launch later this year. Find more information and sign up for early access at www.yulife.com.
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Yulife is the world’s first lifestyle insurance company with a mission to help millions of people to live longer, happier, healthier lives. Yulife wants to take care of your financial wellbeing, while also rewarding your efforts to look after your emotional and physical wellbeing. Yulife’s product, aimed at businesses and consumers, provides life insurance and wellbeing in one simple-to-use app. Yulife offers life insurance that rewards health and inspires life. www.yulife.com
About AIG Life Limited:
AIG Life Limited is the life insurance arm in the UK, Channel Islands, Isle of Man and Gibraltar for American International Group, Inc. – a leading global insurer serving customers in more than 80 countries and jurisdictions.