How Gamification and AI Can Revamp Insurance

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Can a mix of artificial intelligence (AI) and computer games shake up the world of insurance? YuLife, a UK-based insurance start-up, is on a quest to achieve this.

The company intends to introduce its playful life and health insurance model to the North American and American markets. The company currently insures over 500,000 UK customers and estimates that the US market alone could be five times larger.

“We are fundamentally approaching the life insurance industry from a new angle,” said Sammy Rubin, CEO and Founder of YuLife. "Our mission is to inspire people to live their best life, and we've always believed that insurance is all about death claims."

To this end, YuLife distributes an app that tracks and rewards users for engaging in healthy behavior, such as going for a walk or engaging in meditation. They receive YuCoins for good deeds, and they can then redeem these tokens for free products on Amazon or airline miles.

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The company is also expanding options beyond consumption. YuCoin users can also spend the tokens on what they call “impact initiatives” with more environmentally friendly or humanitarian goals. This year, the company says its members have supported the planting of more than 18,000 trees and the provision of more than 30,000 meals to Ukrainian refugees.

“Amazon is definitely the most popular,” says Rubin. "But after that, we're seeing a lot of philanthropic activity, especially with the rise and ESG and more sensitivity around doing good in the world."

Gamification is currently a trending goal for many businesses across all industries, as it drives engagement and customers seem to appreciate it. All fitness apps like Strava, MapMyRun or OpenFit, to name a few, rely heavily on setting goals and then rewarding any progress towards them. They tap into the innate competitive nature of man.

At the same time, companies are applying the same model to other activities that were perhaps less competitive in the past. Duolingo, for example, rewards users with points and also pushes them with goals and leaderboards. Waze tracks users who report issues like traffic jams and then rewards them with points.

"There are different types of players: achievers, explorers, socializers, and killers," says Rubin. "They all have different mechanisms for why they engage with the app, and we've built a rich experience in the app to cater to all types of people."

Rankings, for example, attract the most...