Entrepreneurial rabbi behind successful UK insurance start
Being a rabbi and an entrepreneur are more similar than you might think, Sam Fromson, COO of British InsurTech YuLife, tells Candice Krieger in the UK Jewish News.
Fromson, the part-time community rabbi of London’s Golders Green Synagogue, co-founded the groundbreaking company that helps employers reward healthy living together with entrepreneur Sammy Rubin in 2016. He says there is a surprising symbiosis between his two careers.
“I feel like the ‘rabbi me’ and the ‘startup me’ are quite similar, particularly when it comes to building a community,” says Fromson.
“As a founder, a lot of ‘startup life’ is about inspiring people, and it’s the same for a rabbi – telling a story and inspiring people with that drive to achieve,” he says.
YuLife sells policies based on rewards and benefits to employees for wellness activities and healthy habit changes, using a gamified app that incorporates artificial intelligence and behavioral analytics.
YuLife says: 60% of eligible employees download and participate in the YuLife app, and 36% use the app daily.
Fromson has a background in finance, but his training and experience as a cleric have also equipped him with key skills necessary to succeed in the startup world.
“Of course, as a founder, you need to put your all into the business, but at the same time we are trained as rabbis to realize that we are not in control of everything and ultimately we are in God’s hands as to whether something succeeds or not, and for me, that’s been useful to remember,” he says.
“For example, you could prepare and prepare for a pitch with high-profile investors and they don’t even respond to you, and then you could meet someone serendipitously, who ends up being a long-term business partner,” he says.
He and Rubin met at a charity dinner, and the following day, the idea for YuLife was born. YuLife has expanded into the US and South Africa, and into new categories, too, having teamed up with British health insurer Bupa to offer dental insurance.
The company is used by over 1,000 businesses, including Capital One, Co-Op, Sodexo, Land Rover, and Tesco.
YuLife has raised over $200M to date from investors, including OurCrowd.
