Finding the win-win in insurance
Life insurance shouldn’t just assuage the fear of death, it should encourage joy in life too. Here we explain how YuLife’s health and wellbeing benefits make insurance a win for everyone.
Yugi the Giraffe - 22 June 2022
There's an odd paradox at the heart of life insurance. It's an employee benefit that's widely sought-after, but it doesn't exactly fill your heart with joy. Because the traditional focus of life insurance is, let's be blunt, fear of death.
Yes, life insurance mitigates that fear: you know that loved ones will be provided for. But the opposite of fear isn’t "not being afraid"; it's being happy. And up till now, the life insurance business has not been renowned for inspiring happiness.
At YuLife, we take a different approach – we believe that life insurance shouldn’t just assuage the fear of death, it should encourage joy in life too. After all, if employees are happy, healthy and motivated, they're more likely to live longer.
That's a win for the employee, of course. And it's also a win for the employer, because they'll have a more engaged, productive and creative workforce, with reduced rates of absenteeism and churn – not to mention lower premiums through de-risking.
So how do we achieve these lofty goals? In a nutshell, we offer employees not just end-of-life cover, but health and wellbeing benefits in the here-and-now, too.
Through the YuLife app, employees are set daily walking and mindfulness challenges, and progress up their company's leaderboard. They can also set up fun duels with each other. In return for completing tasks they get financial rewards, which they can spend with big brands, donate to charity, or use to help the planet by planting trees.
As a result, the YuLife app is delivering industry-leading levels of engagement, encouraging a level of connection and camaraderie other providers can only dream of. And in the process, it's promoting patterns of behaviour that lead to long, healthy lives, and lower risk overall.
Yes, these may seem like small changes. But in reality, they can make a big difference to what is a huge and growing problem. Recent research by YuLife and YouGov (March 2021) found that 42% of UK employees are more stressed at work than they were before the onset of the pandemic. Even more shockingly, nearly a quarter (22%) don't take any breaks during their working day. Bringing YuLife into the workplace is a proactive way to shift employees away from these unhealthy and counterproductive habits, and encourage healthier rituals instead.
Aside from daily tasks, the app also features the Wellness hub, a central place where employees can access everything they get with the YuLife app — including EAPs and virtual GP services, their employee benefits and company wellbeing initiatives.
This all adds up to an exciting new philosophy of life insurance, which takes a holistic view of the employee. Rather than mental, physical and financial health as distinct and separate entities, YuLife addresses each of these issues as a whole. And in the chaotic and fast-changing world of 2022, that means positive results for employees and employers alike: a true win-win.
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Yugi is our YuLife mascot. Like all giraffes they've got a big heart – in fact the biggest heart of all land animals.