InsureTech start-up wins financial services forum award

Incentive-based life insurance platform YuLife has been recognised as an insurance industry leader in the most recent Financial Services Forum’s Annual Awards.

YuLife was set up to be the first digital life insurance product to inspire life, incorporating incentive-based employee benefits into group coverage.

Last week, YuLife was announced as the winner of the 2020 Award for Product Service and Innovation in Insurance at the Financial Services Forum Awards.

Shoreditch-based YuLife offer a company life insurance product from £4.99 per employee, per month whilst supporting their physical, emotional and financial wellbeing through an incentive-based app. Members are able to earn attractive rewards such as Amazon and ASOS gift vouchers by completing everyday wellness activities, such as walking, meditating and mindfulness.

Users receive YuCoin for every wellness task that they complete, which can be used to claim physical rewards from other partners such as Nike, Bloom & Wild, Urban Massage and M&S. The app includes company leaderboards, creating friendly competition amongst colleagues on who has walked or run the most miles.

Sammy Rubin, CEO and Founder of YuLife explained: “As a company we value creativity and embrace the latest technology to fundamentally change the nature of life insurance to add real value to our members on a daily basis.

“We are proud to be recognised by the Financial Services Forum as the most innovative insurance platform and will continue to propel the industry forward.”

Rubin started his first insurance company aged 21, from his dining room table, called Policy Portfolio. Four years later, this was listed on the London Stock Exchange and UK’s youngest director of a publicly listed financial service company.

The Financial Services Forum’s judges praised YuLife’s “strong development of personas and excellent integration with other apps” and “clever branding that echoes the company’s gamification theme”.

They also noted YuLife’s success in overcoming the difficulty in engaging customers with similar platforms, adding that YuLife is “leveraging engagement mechanisms tailored to the customer’s appetite for cashing in the digital currency in-app”.

The Financial Services Forum’s annual awards recognise and celebrate excellence in product and service innovation across a range of categories. The physical awards will be presented at the Financial Services Forum’s Annual Members’ Dinner and Awards for Marketing Effectiveness, on 24 November 2020.