UK financial services provider Capital One partnered with InsurTech YuLife to reward employees for healthy behaviour through YuLife’s tech-based life and wellness insurance package.
Under the partnership, all 1470 of Capital One’s UK employees will be covered by YuLife’s group risk insurance policies, which also encompass a range of additional services designed to give employees ownership of their financial, physical and mental wellbeing and reward them for looking after themselves.
Among the provisions offered by the partnership are 24/7 virtual GP access, full service Employee Assistance Programme, daily rewards through the YuLife app in the form of vouchers from the UK’s leading brands, and the opportunity for associates to seamlessly review and manage their policy through the YuLife platform. These changes impact employees directly and also benefit businesses themselves, with 87% of UK employees saying that they are more likely to stay with an employer who looks after their wellbeing.
Commenting on the new collaboration, Capital One UK benefits & wellbeing lead Jodie Teather said, “The wellbeing of our associates is paramount and we want to provide a service that is accessible, easy to engage with and is ultimately a service they can get a lot of value from to enhance their wellbeing. We think YuLife’s offer does that and we are proud to partner with them. Their services will mean our associates are protected through comprehensive life insurance and income protection policies and encouraged to make positive lifestyle changes such as taking part in daily step challenges and mindfulness breaks through the YuLife app. The benefit rewards healthy behaviour and provides tangible incentives for improved wellbeing, while also offering a fun and user-friendly employee experience.”
Similarly, YuLife CEO Sammy Rubin believes that health and wellbeing should be made simple in order to be most effective. “Our use of cutting-edge technology, apps and data science can help Capital One UK offer a unique employee experience and differentiate itself from rival companies in its space,” he said.
YuLife, which combines protection through insurance, prevention through wellbeing activities and engagement through rewards, aims to reduces risk for the insurer through promoting and incentivizing healthy lifestyle change. YuLife members also gain access to the YuLife app, through which users can earn bonuses and discounts from leading UK brands in return for completing everyday wellbeing activities, such as walking, cycling, meditation and mindfulness.
Crucially for businesses, the YuLife app feeds anonymised indicators of employees’ physical and mental wellbeing, such as average step counts or meditation minutes, back to the employer, allowing companies to make real-time updates to wellbeing programmes based on employees’ true needs.
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