How YuLife is Fixing a Broken Life Insurance Industry.
YuLife CTO and Co-Founder Josh Hart discusses the existing issues in the insurance industry, and how YuLife is disrupting the space.
Sophie Hibbert - 3 June 2020
Existing issues in the insurance industry
The life insurance industry is 200 years old. Companies in the space are worth more than 100 billion pounds combined, yet the industry as a whole didn’t reflect a positive future or the customer’s needs.
In the life insurance industry sector specifically, there is a 3 trillion pound gap between the cover people need and the amount of coverage they have, demonstrating an enormous opportunity for industry growth, as well as a fairly large existing market, with 2 trillion pounds of value.
In this blog, we’ll share the three stand out challenges we found when reflecting on this industry and the opportunities they bring for YuLife to combat them.
Finding a company purpose
Insurance companies place a lot of emphasis on the short-term sell; So much energy is focused on money and, when you tell your staff that the main aim is meeting quarterly targets, they will prioritise their money first, the company's second and the consumer’s last. No company wants its staff not to put the customer at the heart of what they do.
YuLife was founded on the principle that we build a business that's good, that cares about its customers and brings good energy to the world. We wake up in the morning with the objective of helping people live their best lives.
Building trust in insurance
Trust is known to be an issue in insurance. It may be that the purpose doesn't feel aligned with the individual, but that's only part of it. Trust comes in many forms and one can build trust in ways that might surprise you.
A fitting analogy is having a friend that's a taker - they take until you don't really trust or want them around. The same problem lies in insurance; they take your data, your time, your emotional energy. They're not giving you anything back for this, and you end up with a policy you hope you never have to use. At YuLife, we aim to give more than we take in our relationship with every person we make contact with.
The companies who join us are used to buying something every year from their broker and their policy promptly gets forgotten about. At YuLife, we send monthly reports about the performance of the company on an aggregate level, giving HR professionals actionable insights on how to improve the wellbeing of their staff as a byproduct. This is not an added benefit, this is in the product - this is YuLife.
Making our product desirable
Insurance has not typically been seen as a desirable product. Consumers like to purchase things they like as it makes them feel good. Desire is something that gets you excited about the opportunity to have, or to be a part of, something.
Moving alongside desire is where the greatest improvement can be made in this market and YuLife is doing just that. YuLife offers three products: Group life insurance, group income protection and group critical illness policy. We also provide additional services, such as 24/7 GP.
We give everybody an app that incentivizes them to walk, complete mindfulness minutes and take challenges every day. Users compete with their colleagues on the number of steps that they're doing. And, for doing all these healthy activities, they're getting currency that they can convert into things they desire, such as Apple vouchers, Amazon vouchers or Avios points using our currency, YuCoin. We've also partnered with leading wellness brands like FiiT to give our YuLifers the best experience possible.
YuLife is disrupting life insurance and group cover
Over the past three years of trading Group Life Insurance, YuLife has seen an enormous amount of growth: a billion pounds worth of cover has been put in place. 72% of employees download the YuLife app, 43% have used it at least once in the last month, and 17.4% of people log onto the app up to five times a day. Head to Trustpilot to read some reviews, these are all a mixture of companies and of consumers.
We're building a relationship with our customers through giving. We're building something that creates a meaningful, sustainable relationship with individuals that could last forever. People love this product, but that's how the insurer of the future builds a brand that has the desire, trust and purpose embedded into its ethos and operation.
To find out more about how YuLife can protect what matters, click here to contact us and speak to one of our experts.
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Sophie is a writer at YuLife. She loves to read, bake and takes wellness seriously, running often and regularly using meditation apps to relax and destress.