How gamification and AI can revamp insurance coverage


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Can a combination of synthetic intelligence (AI) and laptop gaming upend the world of insurance coverage? YuLife, a U.Okay.-based insurance coverage startup, is on a quest to just do that. 

The corporate intends to deliver its mannequin for gamified life and medical insurance into the North America and U.S. markets. Proper now, the corporate insures greater than 500,000 British clients, and it believes that the U.S. market alone might be 5 instances bigger. 

“We’re basically approaching the life insurance coverage business from a brand new perspective,” mentioned Sammy Rubin, the CEO and founding father of YuLife. “Our mission is to encourage individuals to stay their finest lives, and we’ve all the time felt that insurance coverage was simply specializing in the claims when individuals die.”

Fusing gamification into the combo

Towards that finish, YuLife distributes an app that tracks and rewards customers who have interaction in healthful conduct like going for a stroll or participating in meditation. They obtain YuCoins for good acts, and so they can later change these tokens for both free items at Amazon or airline miles. 

The corporate can be increasing choices past consumption. YuCoin customers may spend the tokens on what it calls “affect initiatives” with extra environmentally useful or humanitarian objectives. This yr the corporate says that members have supported planting greater than 18,000 timber and supplying greater than 30,000 meals to Ukrainian refugees. 

“Amazon is certainly the most well-liked,” says Rubin. “However after that, we’re discovering that quite a lot of the philanthropic actions, particularly with the rise and ESG and extra sensitivity round doing good on the earth.”

Gamification is a trending objective proper now for a number of firms throughout industries as a result of it drives engagement and clients appear to love it. All of the health apps like Strava, MapMyRun or OpenFit, to call just some, rely closely on setting objectives after which rewarding any progress towards it. They faucet into human’s innate aggressive nature. 

On the identical time, firms are bringing the identical mannequin to different pursuits which will have been much less aggressive previously. Duolingo, for instance, rewards customers with factors and likewise nudges them with objectives and leaderboards. Waze tracks customers who report issues like site visitors jams after which rewards them with factors. 

“There are completely different participant sorts: achievers, explorers, socializers and killers,” explains Rubin. “All of them have completely different mechanisms as to why they have interaction within the app, and we’ve constructed a wealthy expertise within the app to cater for all sorts of individuals.”

Leaderboards, as an illustration, entice probably the most aggressive, whereas explorers are given many alternative modes or characteristic units to analyze. 

At current, group life insurance coverage is claimed to be the “flagship product” for YuLife, however it desires to additionally mix their efforts with different merchandise like incapacity, earnings safety, dental insurance coverage or medical insurance. {The marketplace} in the US is way completely different from the UK, the place their Nationwide Well being Service presents a base of help for all residents. 

“Clearly medical insurance is extra essential to the U.S. so we can even be coupling it with medical insurance, however our flagship product is basically the prevailing group life insurance coverage, which is a big, enormous market alone,” says Rubin. “Most firms are providing group life, dying and repair advantages to their workers and now this might be a richer providing that they will provide.”

Scaling companies

The corporate’s latest $120 million sequence C funding spherical was led by Dai-ichi Life Holdings Inc. (TSE: 8750) (“Dai-ichi Life”), a brand new  investor within the firm. YuLife has additionally raised one other $86 million since its founding in 2016 from different buyers like Creandum, LocalGlobe, Goal World, Latitude, Anthemis, OurCrowd, Notion, MMC and Eurazeo who additionally participated on this spherical. 

“Dai-ichi Life is dedicated to supporting firms which have a confirmed monitor report of fixing individuals’s lives for the higher, and YuLife does precisely that, by bringing tangible worth to monetary merchandise to bolster people’ wellbeing,” mentioned Toshiaki Sumino, director, managing govt officer at Dai-ichi Life Holdings, Inc., which led the spherical. “YuLife has immense potential to construct on its achievements to this point, and we’re thrilled to speculate and assist propel YuLife towards its subsequent steps and scale its world operations.”

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