InsurTech, which promotes wholesome residing, raises £ 50 million
An InsurTech company looking to reinvent life insurance with a unique focus on wellbeing and healthy living has raised £ 50 million.
The Series B round in YuLife was led by Target Global and supported by new investors Eurazeo and Latitude and existing investors Creandum, Notion Capital, Anthemis, MMC Ventures and OurCrowd.
YuLife will use the capital to develop new products, expand its market penetration in the UK and expand its reach into new global markets.
“The life insurance industry is ripe for a transformation. For too many years, life insurance has focused solely on lump-sum payments, ”said CEO and founder Sammy Rubin.
“Now is the time to rethink the nature of life insurance, putting life first and inspiring members to live their best lives every day, using insurance as a tool for improving their physical, mental and spiritual life take advantage of financial wellbeing.
“For YuLife, the redefinition of group life insurance is just the beginning of the journey to inspire life with a wide range of new insurance products.”
YuLife is transforming traditional group life insurance into a range of welfare and insurance products and is pioneering a paradigm shift in the insurance industry towards one that supports members, insurers and employers at the same time.
Members improve their wellbeing, while insurers benefit from an approach that diminishes individuals through healthy activity, while one product enables employers to truly demonstrate their care for their employees.
Active YuLife members make proactive lifestyle changes, prevent physical and mental illness, and protect themselves financially with basic services.
YuLife’s life insurance includes everything that traditional group life insurance includes – but also critical illnesses, income protection, virtual family doctor services and job assistance such as advice and coaching.
Uniquely, YuLife also enables employers to reward healthy living by offering employees discounts and coupons from leading brands such as Amazon, ASOS, and Avios that can be purchased using YuCoin, YuLife’s virtual currency, by engaging in everyday wellness activities such as hiking, Cycling, meditation and mindfulness.
The app leverages behavioral science, artificial intelligence, and game mechanics to deliver engaging service to members that fosters healthy habits over the long term and delivers actionable HR insights for businesses. Members benefit from an average of 120 touchpoints per year and to date almost 1 million wellness quests have been completed via the app.
“YuLife is redefining life insurance and leveraging the most innovative technologies to transform a largely traditional industry,” said Ben Kaminski, partner at Target Global.
“As health and wellbeing have come increasingly to the fore in the wake of Covid-19, YuLife is fundamentally changing insurance by encouraging people to lead healthier lifestyles.
“YuLife is ideally positioned to build on its 10-fold growth during the pandemic and help its customers respond to the challenges of an ever-changing work environment.
“We are very proud to partner with YuLife on our way to becoming one of the world’s leading providers of life insurance.”
YuLife has seen more than 10x gross premium growth over the past year, serving employees and their families at leading global companies including Capital One, Co-op, Curve, Havas Media, Severn Trent and Sodexo.