The famous Woody Allen quote speaks to key challenges facing the life insurance product: it's intangible, difficult to understand and promises a benefit that may only arrive far into the future. As a result the product is traditionally one that's sold not bought. 

But what if life insurance could deliver a tangible benefit today? That's one of the concepts behind a new InsurTech called Yulife. Describing itself as the world’s first lifestyle insurance company, this start-up's mission is to empower people to improve their financial, mental and physical health. It aims to achieve this by incentivising healthy habits through an app-based rewards programme. 

For me, as a keen cyclist, this is an exciting idea. I can envisage a future in which life and health insurance plug into an app that is popular becuase it a) allows people to compete with themselves and others across a range of sports, and b), offers useful, in-the-moment advice on how to improve health and performance...all linked to an insurance product with a personalised price.