LONDON, United Kingdom – British insurance company YuLife has unveiled a new partnership with health tracking app Sleep Cycle, as part of its growing suite of tools to incentivise and reward the adoption of healthy lifestyles by employees of UK organisations.
The partnership will enable YuLife users – which includes employees of companies such as Vodafone, Del Monte, Mintel and Havas – to earn bonuses and discounts from leading UK brands in return for improving the quality of their sleep.
This follows a similar format the London headquartered-company uses to reward employees for completing everyday wellness activities, such as walking, cycling, meditation and mindfulness.
Last year YuLife also partnered with fitness app Fiit to reward employees who complete an exercise class with YuCoins that could be exchanged for bonuses and discounts from UK brands or given to select charities.
“YuLife’s new partnership with Sleep Cycle reflects our commitment to providing a holistic wellbeing offering to businesses seeking to show care for their employees,” said Sammy Rubin, YuLife CEO and Founder.
“Evidence increasingly shows how sleep is a vital determinant contributing to people’s sense of physical and mental wellbeing, and those who sleep better are happier and more productive in the workplace.”
He added: “In the era of the ‘Great Resignation’, when employees are increasingly reluctant to stay with employers who don’t help them improve their wellbeing, we are proud to be giving workplaces even more tools to make a tangible difference to employees’ lives.”
“Benefits of investing in sleep health”
Since its launch in 2009, Sleep Cycle has helped millions of people better understand their sleeping habits and improve their sleep.
With millions of active users and over 400 million nights analysed in more than 150 countries, the Nasdaq Stockholm-listed company is one of the most used solutions worldwide to improve sleep health.
“Sleep has an enormous impact on both our mental and physical health as well as our ability to perform well, privately and in our working life,” said Sleep Cycle CEO Carl Johan Hederoth, commenting on the partnership with YuLife.
“In recent years we have seen how the focus on sleep and health has steadily increased among employers and organisations, where people have begun to pay attention to the benefits of investing in sleep health.”
Becoming YuLife’s preferred sleep solution, he added, will open up “new opportunities to cater to even more organisations, allowing sleep to become a priority in nurturing the health of employees”.
“Reducing risk for the insurer”
In a similar way as Vitality Health, YuLife says it is pioneering a new kind of group life insurance for business by “actively reducing risk for the insurer through promoting and incentivising healthy lifestyle changes”.
This, in turn, enhances policyholders’ overall wellbeing.
And this hook up is further evidence of the converging trends of workplace wellness and sleep health – under the broader segment of mental wellness – that has drawn greater appreciation and investment since the outbreak of the COVID-19 pandemic two years ago.
In 2020, the Global Wellness Institute identified “senses, spaces and sleep” as a “goliath sub-segment” valued at $49.5 billion, as part of an emerging global mental wellness economy.
That was based on pre-pandemic data. The true size of the mental wellness market – and therefore the number of sleep-based solutions – is likely to have grown exponentially.
At the same time, the global workplace wellness market was valued at $49.8 billion in 2019, a report found this month, with it projected to reach $66.2 billion by 2027.
Those projections are unlikely to slow down any time soon, given the dust is yet to settle from the pandemic and subsequent crises are continuing to threaten our very way of life – both in and outside the workplace.