That is in accordance with analysis carried out by insuretech startup YuLife – an organization that specialises in group life insurance coverage for corporations of all sizes.
The opposite two most popular worker advantages included medical health insurance and childcare vouchers for workers.
The function of worker advantages has turn out to be important in at present’s office, the place managers are in search of fascinating methods to have interaction and encourage the employees – and staff are in search of fascinating advantages to keep up their loyalty with an organisation.
The recognition of worker reductions has emerged in recent times, with the likes of Perkbox, Rewards Gateway and Xexec providing platforms the place employees can entry reductions for plenty of excessive road manufacturers.
For YuLife, the startup was based by former Vitality govt, Sammy Rubin, who needed to reward staff ‘not just in death, but also in life.’
While their group life insurance coverage product is accessible from simply £4.99 monthly and pays Four instances the person’s wage to their family members, customers additionally get entry to plenty of reductions and vouchers by way of the YuLife app.
When finishing aware or lively duties simply as meditation or jogging, the person is rewarded with a YuCoin, the model’s personal foreign money which will be transferred into rewards from companions reminiscent of Amazon, ASOS and Nike.
Founder Rubin explains: “Life insurance should be about inspiring life, but all these companies focus on death. You can hold a life insurance policy for decades and it expires – so I thought why not get value out of the life insurance on an ongoing basis, rather than at the end when you claim in death?”
YuLife’s proposition has added different advantages together with digital GPs, psychological well being assist, will writing and HR insights. Corporations can enroll from 2 to 1,000 staff and has up to now been adopted by quite a lot of industries.
In 2019, yulife secured £10 million in Collection A funding led by Creandum Funds and presently has over 50 members of employees of their head places of work in Outdated Street, London.