Impressive Insurance Startup is Proof That School Friends Can Work Together
Many people can end up losing touch with their high school friends, but not these three guys - in fact, they've ended up collaborating with each other to create a successful startup with a promising future, with over £13 million in funding so far and over 40 members of staff.
Who are the friends behind yulife?
Head of Growth Tal Afek, Head of Data Matthew Doltis and CTO Josh Hart all attended Immanuel College in Hertfordshire, and now work side-by-side at InsureTech company yulife. Founded in 2016, the company raised a whopping £10 million in its second round of funding for its group life insurance product that is predominantly aimed at SMEs.
What is yulife?
The Shoreditch-based startup aims to revolutionise how group life insurance products are marketed. Currently, the life insurance sector tends to have a gloomy perception - we mostly interpreted the industry in a morbid way, focusing heavily on the death aspect of it.
yulife wants to change this perspective completely, by focusing on promoting wellbeing and healthier lifestyles amongst firms who purchase life insurance through them - because the longer employees keep in good health, the better it is for everyone.
Staff are not only given life insurance cover which provides financial protection for their nearest and dearest, but they also receive rewards based on completing healthy and mindful tasks, all tracked through a phone app.
yucoin - a rewards-based currency system
yulife customers will receive yucoin, the rewards-based currency, for completing healthy activities. These points can be redeemed from a number of brands including Amazon, ASOS and air miles through Avios.
Through engaging in physical activity and completing wellbeing practices such as walking or running a mile, taking time to meditate or do yoga, it is recorded on the yulife app.
Players can earn up to 12 yucoin daily on passive activity (earning 2 points per 2000 steps) and up to 18 per day if engaging in additional quests that the startup offers.
The app creates an office leaderboard encouraging competitiveness and comradery within the organization and the product has been adopted by some big firms including LandBay, Mintel and Ogury.
The company is backed by VC company Creandum and has already featured in a number of prominent startups to watch lists including placing 3rd in The TechRound 100.
