Branded as a “lifestyle” insurance business, tech start-up Yu Life has partnered with AIG for the life insurance project led by ex-Vitality chief executive Sammy Rubin.
The concept is for individuals and corporates to support wellbeing and health using partnerships and rewards.
Yu Life policies will be underwritten by AIG.
Rubin has also recruited Sam Fromson as chief operating officer, Jaco Oosthuizen as chief product officer and Jonathan Roomer as chief financial officer. Josh Hart is chief digital officer.
Oosthuizen is a former chief executive of Momentum Multiply and Roomer is a former head of start-ups at KPMG.
Yu Life targets younger clients who believe they don’t qualify for life insurance, which they find too complex and too expensive.
According to Rubin, life insurance needs to evolve to “fit the needs of a new generation”.
“Our ambition is to launch in the UK, it is the fifth largest insurance market, and we are very excited about that,” Rubin told International Adviser.
“Long term our ambition is to build a global presence.
“The young are very much on our radar but it is a product for everyone. We want to bring life insurance into the 21st Century. We want to do things differently by using technology to engage people.”
