Hi Guys,
YuLife, leading UK Insurtech, Expands to South Africa to Transform the Insurance & Wellbeing Industry Following a successful launch in the US, the global tech-driven financial services provider is redefining insurance with well-being, engagement and rewards that inspire life for South African employees
YuLife, the tech-driven financial services provider on a mission to inspire life, today announced its launch in South Africa. Founded in London in 2016, YuLife achieved rapid traction in the UK insurance market through its flagship product, group life insurance. The company's expansion into South Africa marks a significant milestone as it seeks to redefine how people worldwide derive value from financial products.
YuLife’s Group Risk Protection - Life, Income Protection, Lump Sum Disability, and Funeral Cover - includes everything in a traditional group insurance policy – but also adds a globally award-winning well-being app and trusted support services. YuLife harnesses the latest trends in behavioural science and game mechanics to encourage employees to make proactive lifestyle changes while prioritising prevention by de-risking individuals through healthy activities.
Gamification ensures that YuLife attracts unrivalled levels of engagement which is valued and enjoyed by all employees. The YuLife app enables employees to complete everyday wellness activities, such as walking, meditation, and cycling, in order to earn YuCoin, YuLife’s virtual well-being currency. Members can then use their YuCoin to buy vouchers for groceries, data, fuel, clothing and more from leading brands, or to improve the world through donating meals, planting trees, or cleaning the ocean. By incentivising healthy living, YuLife provides employers with a way to simultaneously boost retention rates, improve employees' standard of living, and safeguard their loved one's financial future.
Transforming the Insurance & Wellbeing Industry in #SouthAfrica is YuLife #InsureTech
In addition to day-to-day well-being, YuLife provides critical well-being tools and services to further prevent illness, both mentally and physically. All employees with YuLife get access to a virtual GP service through Kena Health, counselling and advice through ICAS, alongside access to multiple well-being apps like Meditopia and Fiit.
“South Africa has the second highest insurance penetration globally, making it a perfect market for YuLife to expand into and showcase its innovative approach to insurance,” said Jaco Oosthuizen, YuLife Co-founder and Managing Director of YuLife South Africa. “There has been a big shift toward health and wellbeing in the workplace, with more and more companies adding new initiatives and resources to their employee benefits packages. YuLife is launching in South Africa to offer companies an easy way to provide extra protection - we’re looking forward to providing South African businesses and employees tangible value on an everyday basis in an accessible, engaging, and deliverable manner.”
YuLife South Africa’s policies are underwritten by Guardrisk Life, SA’s largest life cell captive insurer and the market leader in tailored risk solutions. “We are excited to be working with YuLife to bring cost-effective insurance solutions to customers in South Africa,” said Herman Schoeman, CEO, of Guardrisk Life. “As a company rooted in innovation, partnering with such a forward-thinking company like YuLife that shares our commitment to meeting customers’ needs makes good business sense. We look forward to developing our relationship with YuLife and providing our solutions to its customers while also empowering them to have a more thorough and holistic relationship with their life insurance and protection provider.”
YuLife has achieved rapid traction in an industry traditionally lacking in innovation. The company recently expanded into the US, and now covers more than 600k group policyholders across small to large businesses, with over $50bn of coverage in place. YuLife has seen more than 5x growth in premiums year-on-year, and in July 2022 raised a $120M Series C led by Dai-ichi Life with participation from T. Rowe Price, bringing the company’s total funding to $206M.
Founded in 2016, YuLife is headquartered in London and backed by global insurers and venture capital. https://yulife.com/za/
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