InsurTech startup yulife founded by ex Vitality CEO closes round led by LocalGlobe

InsurTech startup yulife is launching in the UK this week after raising £3m in a round led by LocalGlobe.

Yulife seeks to create lasting, positive lifestyle changes by rewarding simple, everyday activities through its insurance and game-based app.

Specialist FinTech investor Anthemis and OurCrowd also joined the round. AIG is underwriting the startup’s insurance policies.

Yulife is founded by Sammy Rubin, a serial entrepreneur who founded and floated his first business in his twenties, before becoming the founding CEO of Vitality Life.

He 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.”

Co-founder and COO Sam Fromson also commented on the startup’s mission. “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.”

Tara Reeves, partner at LocalGlobe, said yulife was reimagining life insurance in a compelling way.

“Focused on wellness, rewards and gamification, yulife brings a whole new generation to life insurance and to a product that is designed with their needs in mind.”