The US insurance industry is over 200 years old and rakes in billions per year – yet the industry as a whole has never reflected a positive future or the customer’s needs.In the Group Life Insurance industry specifically, there is a $12 million mortality coverage gap – demonstrating an enormous opportunity for industry growth, as well as a fairly large existing market that raked in $159.5 billion in revenue in 2021 alone.In this blog, we’ll share the 3 stand-out challenges we found when reflecting on this industry and the opportunities they bring for YuLife to combat them.1. Finding a company purposeInsurance companies place a lot of emphasis on short-term selling. So much energy is focused on money and, when you tell your staff that the main aim is meeting quarterly targets, they will prioritize their money first, the company's second – and the consumer’s last. No company wants its staff to not 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 that brings good energy to the world. We wake up in the morning with the objective of helping people live their best lives.2. Building trust in insuranceTrust 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.You typically don't gain immediate value, 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.3. Making our product desirableGroup 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 group insurance, group dental insurance, disability insurance and vision insurance as part of its employer-sponsored insurance products. Our voluntary insurance offering includes accident insurance, critical illness insurance, cancer insurance and hospital indemnity insurance.We give everybody the YuLife employee app that incentivizes them to walk, complete mindfulness minutes and take challenges every day. And 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 Amazon, Target and Home Depot vouchers using our currency, YuCoin. We've also partnered with leading wellness brands to give our YuLifers the best experience possible.YuLife is disrupting group insurance In our first year in the US, YuLife has already seen an enormous amount of growth, not just in the amount of coverages that have been put in place, but also in the way teams are engaging with it. Some 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. 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.