YuLife breaks document $ 70 million to reinvent life insurance coverage with a singular deal with wellbeing and wholesome dwelling
LONDON , July 14, 2021 / PRNewswire / – YuLife, the technology-driven insurance company on a mission to inspire life, announced today that it has a $ 70 million (~ £ 50m) Series B in one of Europe largest Insurtech financing rounds in life insurance. The round 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 paying out a lump sum death benefit. It is now time to rethink the essence of life insurance by putting ‘life’ first and inspiring members to live their best lives every day, using insurance as a tool to help their physical, spiritual and improve financial well-being, “said Sammy Rubin, CEO and founder of YuLife. “For YuLife, redefining group life insurance is just the beginning of the journey to inspire life through 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, doing meditation, and mindfulness. Through incentives for healthy living, YuLife offers employers the opportunity to simultaneously increase the retention rate, improve the standard of living of employees and secure the financial future of their loved ones.
YuLife’s app leverages the latest behavioral science, artificial intelligence, and game mechanics to provide members with a highly engaging service that fosters healthy habits and delivers actionable HR insights for businesses. With the unparalleled user engagement of the YuLife app, members benefit from an average of 120 annual contact points and to date nearly 1 million wellness quests have been completed through the app.
“YuLife is redefining life insurance and leveraging the most innovative technologies to transform a largely traditional industry,” said Ben Kaminski, Partner, global goal. “As health and wellbeing come to the fore in the wake of Covid-19, YuLife is fundamentally transforming insurance by providing incentives for people to lead healthier lifestyles. YuLife is ideally positioned to grow on top of its tenfold growth during the pandemic and take on a pioneering role in helping. ” its customers respond to the challenges of a constantly changing work environment. We are very proud to partner with YuLife to become a global leader in life insurance. “
With its revolutionary approach, “YuLife is helping workplaces care for their employees in ways that offer lasting value – a unique approach that puts companies at the forefront of society’s recovery from the pandemic-induced health crisis,” Rubin continued. “We look forward to using our latest funding to continue setting a new standard for life insurance and expanding globally to help employers tailor their engagement offerings to meet the real needs of employees.”
Completely redefine product and sales in a $ 2.2 trillion global life insurance market with a focus on protection, well-being and healthy lifestyles for employees, YuLife recorded a more than 10-fold growth in gross premiums in the past year and has already grown over $ 15 billion Total coverage for employees and their families at the world’s leading companies including Capital One, Co-op, Curve, Havas Media, Severn Trent and Sodexo.
YuLife is a technology-driven insurance company with a mission to inspire life and turn financial products into a positive force. By harnessing the power of gamification and the latest behavioral research, YuLife insurance rewards healthy living and makes daily wellbeing accessible to everyone. YuLife was founded in 2016 and is headquartered in London and is backed by serial investors and VCs including Target Global, Eurazeo, Latitude, Creandum, MMC Ventures, Notion Capital, LocalGlobe, Anthemis Exponential Ventures and OurCrowd.
About Target Global
Target Global is an international investment company based in Berlin, with assets under management of more than 1.5 billion euros. With investment offices in London, Tel Aviv and Barcelona, we connect the most important European startup ecosystems and use the unique DNA of each of our target regions in our global network. Building on our experienced team with extensive operational and investment experience, we help exceptional entrepreneurs build market leaders. Target Global invests in phases, invests in fast growing technology companies and targets trillion euro markets. Our partners have been investing in digital technology for more than 15 years, supporting some of the most important European success stories. Target Global’s portfolio includes companies such as Auto1, Docplanner, Delivery Hero, Rapyd, TravelPerk, WeFox and Zego.