New Total Economic Impact Study: Insuring with YuLife Generates 181% ROI Compared to Traditional Insurance Providers.
The study demonstrates the significant impact YuLife's tech-driven insurance offering can make to businesses' bottom lines over the course of three years.
LONDON, Nov. 7, 2022 /PRNewswire/ -- YuLife, the tech-driven financial services brand on a mission to inspire life, today released the results of a commissioned Total Economic Impact™ (TEI) study conducted by Forrester Consulting which identified that the return on investment (ROI) generated by insuring with YuLife is 181%, when switching to YuLife from traditional insurance providers. After interviewing HR and Benefits representatives whose companies use YuLife, the study found insuring with YuLife leads to an 11.5% reduction in absence, a 2.75% reduction in employee turnover, and a 2.5% increase in productivity in addition to financial rewards provided to individuals. The study also revealed a 2.7x increase in utilisation of Employee Assistance Programmes (EAP) and Virtual GP (Teledoc) services.
To conduct the study, Forrester interviewed HR and Benefits representatives, most of whose companies had existing group insurance policies with traditional insurance providers, to identify the costs, benefits, flexibility and risk factors that affect their investment decisions. As a result of switching to YuLife, interviewees experienced improvements in employee retention, reduced absenteeism, increased productivity and benefits in the value of rewards and discounts earned by employees.
"At YuLife we are committed to creating a culture of wellness and a thriving workforce by reinventing life insurance," said 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 result of today's challenging economic circumstances, and especially given the increased focus on workplace wellbeing in the wake of the Covid-19 pandemic and the 'Great Resignation', it is imperative for businesses to ensure that their insurance offerings provide added value for employees. In this context, YuLife differentiates itself from traditional insurance providers by protecting employees with great insurance coverage as well as enabling businesses to improve employee engagement with wellbeing initiatives through providing access to preventative wellbeing tools and rewarding healthy activity. Increased employee engagement with physical and mental wellbeing activities, as well as greater utilisation of tools such as EAP and Virtual GP (Teledoc) services, lead to improvements in employee health.
YuLife commissioned Forrester Consulting to evaluate how YuLife benefits businesses and provides a qualifiable return on investment when switching from traditional group life insurance.
Forrester aggregated the interviewees and combined the results into a single composite organisation that has a workforce of 5,000 employees. Additional quantified findings for such a composite organisation include:
- Top Level Results: The representative interviews and financial analysis found that a composite organisation experiences total benefits worth £2,023,192 over the course of three years versus the actual costs of £720K, and an ROI of 181%.
- Improved Employee Engagement and Reduced Turnover: Unlike traditional insurance models that pay out only when a claim is made, YuLife provides health and wellbeing benefits on a continuous basis. Forrester estimates the increase in employee engagement leads to cost savings of £328,579, by means of reduced turnover.
- Reduced Absenteeism: Positive physical and mental lifestyle habits have been shown to correlate with unplanned illness-related absences. Forrester estimates the increased physical activity with those engaged in the program reduces absenteeism equating to roughly £420,071 over three years.
- Increased Productivity: YuLife's app drives engagement with lifestyle activities that positively impact productivity, such as mindfulness and meditation exercises which improve focus. The Forrester study found this leads to a 2.5% increase in productivity and, over three years, the improved work results gains £977,670 for the composite organisation.
- Value of Rewards and Discounts Earned by Employees: YuLife offers rewards and discounts of choice earned by employees through its app. Over three years, this adds up to £296,872 for the composite organisation.
The study also identified numerous additional qualitative findings, which are not quantified in the study. These additional qualitative findings include: improvement in workforce health in the long run, as physical activity reduces the risk of long-term sickness absence; a customisable employee benefits platform through YuLife's Wellbeing Hub; improved employee satisfaction with benefits; earn back from employee engagement; and actionable insights on employee wellbeing for HR leaders.
The full TEI study can be found on the YuLife website. To read the full study and learn more about YuLife's offering, visit here.
About YuLife
YuLife is a tech-driven financial services brand on a mission to inspire life and turn financial products into a force for good. By harnessing the power of technology and the latest behavioural science, YuLife's insurance model focuses on risk prevention, not just claims compensation. The company is transforming the employee benefits market by rewarding employees for healthy living, supporting mental, physical and financial wellbeing and helping foster healthier, happier and more motivated teams. Founded in 2016, YuLife is headquartered in London and backed by global insurers and venture capital. https://www.YuLife.com/.
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