The examine demonstrates the numerous impression YuLife’s tech-driven insurance coverage providing could make to companies’ backside traces over the course of three years.

LONDON, Nov. 7, 2022 /PRNewswire/ —  YuLife, the tech-driven monetary companies model on a mission to encourage life, right this moment launched the outcomes of a commissioned Total Economic Impact™ (TEI) study carried out by Forrester Consulting which recognized that the return on funding (ROI) generated by insuring with YuLife is 181%, when switching to YuLife from conventional insurance coverage suppliers. After interviewing HR and Benefits representatives whose firms use YuLife, the examine discovered insuring with YuLife results in an 11.5% discount in absence, a 2.75% discount in worker turnover, and a 2.5% enhance in productiveness along with monetary rewards offered to people. The examine additionally revealed a 2.7x enhance in utilisation of Employee Assistance Programmes (EAP) and Virtual GP (Teledoc) companies.

To conduct the examine, Forrester interviewed HR and Benefits representatives, most of whose firms had current group insurance coverage insurance policies with conventional insurance coverage suppliers, to establish the prices, advantages, flexibility and threat components that have an effect on their funding selections. As a results of switching to YuLife, interviewees skilled enhancements in worker retention, decreased absenteeism, elevated productiveness and advantages within the worth of rewards and reductions earned by staff.

“At YuLife we are committed to creating a culture of wellness and a thriving workforce by reinventing life insurance,” stated Sammy Rubin, CEO and Founder, YuLife. “This study showcases the tangible financial impact YuLife has on our customers. We have seen firsthand that our offering has helped individuals cultivate healthy habits, and we are proud to be able to demonstrate the impact these lifestyle changes have on a workforce – physically, mentally, and financially.”

As a results of right this moment’s difficult financial circumstances, and particularly given the elevated concentrate on office wellbeing within the wake of the Covid-19 pandemic and the ‘Great Resignation’, it’s crucial for companies to make sure that their insurance coverage choices present added worth for workers. In this context, YuLife differentiates itself from conventional insurance coverage suppliers by defending staff with nice insurance coverage protection in addition to enabling companies to enhance worker engagement with wellbeing initiatives by means of offering entry to preventative wellbeing instruments and rewarding wholesome exercise. Increased worker engagement with bodily and psychological wellbeing actions, in addition to higher utilisation of instruments corresponding to EAP and Virtual GP (Teledoc) companies, result in enhancements in worker well being.

YuLife commissioned Forrester Consulting to judge how YuLife advantages companies and supplies a qualifiable return on funding when switching from  conventional group life insurance coverage.

Forrester aggregated the interviewees and mixed the outcomes right into a single composite organisation that has a workforce of 5,000 staff. Additional quantified findings for such a composite organisation embrace:

  • Top Level Results: The consultant interviews and monetary evaluation discovered {that a} composite organisation experiences whole advantages value £2,023,192 over the course of three years versus the precise prices of £720K, and an ROI of 181%.

  • Improved Employee Engagement and Reduced Turnover: Unlike conventional insurance coverage fashions that pay out solely when a declare is made, YuLife supplies well being and wellbeing advantages on a steady foundation. Forrester estimates the rise in worker engagement results in value financial savings of £328,579, by the use of decreased turnover.

  • Reduced Absenteeism: Positive bodily and psychological way of life habits have been proven to correlate with unplanned illness-related absences. Forrester estimates the elevated bodily exercise with these engaged in this system reduces absenteeism equating to roughly £420,071 over three years.

  • Increased Productivity: YuLife’s app drives engagement with way of life actions that positively impression productiveness, corresponding to mindfulness and meditation workouts which enhance focus. The Forrester examine discovered this results in a 2.5% enhance in productiveness and, over three years, the improved work outcomes positive aspects £977,670 for the composite organisation.

  • Value of Rewards and Discounts Earned by Employees: YuLife gives rewards and reductions of alternative earned by staff by means of its app. Over three years, this provides as much as £296,872 for the composite organisation.

The examine additionally recognized quite a few further qualitative findings, which aren’t quantified within the examine. These further qualitative findings embrace: enchancment in workforce well being in the long term, as bodily exercise reduces the danger of long-term illness absence; a customisable worker advantages platform by means of YuLife’s Wellbeing Hub; improved worker satisfaction with advantages; earn again from worker engagement; and actionable insights on worker wellbeing for HR leaders.

The full TEI examine might be discovered on the YuLife web site. To learn the total examine and study extra about YuLife’s providing, go to here.

About YuLife

YuLife is a tech-driven monetary companies model on a mission to encourage life and switch monetary merchandise right into a pressure for good. By harnessing the facility of expertise and the most recent behavioural science, YuLife’s insurance coverage mannequin focuses on threat prevention, not simply claims compensation. The firm is reworking the worker advantages market by rewarding staff for wholesome residing, supporting psychological, bodily and monetary wellbeing and serving to foster more healthy, happier and extra motivated groups. Founded in 2016, YuLife is headquartered in London and backed by international insurers and enterprise capital. https://www.YuLife.com/.

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