YuLife raises $70 million Series B to reinvent life insurance
YuLife, the insurtech business on a mission to inspire life, today announced that it has raised one of Europe’s largest insurtech funding rounds in life insurance.
YuLife transforms traditional group life insurance into a suite of wellbeing and insurance products, pioneering a paradigm shift in the insurance industry towards a model that simultaneously supports members, insurers and employers. Members improve their wellbeing while insurers gain from an approach that de-risks individuals through healthy activities, while employers are empowered with a product to truly demonstrate care for their employees.
Active YuLife members make proactive lifestyle changes, prevent physical and mental illness, and financially protect themselves thanks to essential services.
“The life insurance industry is ripe for transformation. For too many years, life insurance hasfocused solely on paying out a lump sum upon death. It is now time to reimagine the very natureof life insurance by putting ‘life’ first, and inspiring members to live their best lives every singleday, using insurance as a tool to enhance their physical, mental and financial wellbeing, said Sammy Rubin, CEO and Founder of YuLife. Redefining group-life insurance is just the start of thejourney for YuLife as we look to inspire life through a vast range of new insurance products.”
YuLife’s life insurance includes everything in a traditional group life insurance policy – but also adds critical illness, income protection, virtual GP services and employment assistance such as counselling and coaching. Uniquely, YuLife also enables employers to reward healthy living by offering employees discounts and vouchers from leading brands including Amazon, ASOS, and Avios which can be purchased with YuCoin, YuLife’s virtual currency, earned by completing everyday wellness activities such as walking, cycling, meditation, and mindfulness.
By incentivising healthy living, YuLife provides employers with a way to simultaneously boost retention rates, improve employees’ standard of living, and safeguard their loved ones’ financial future.
YuLife’s app harnesses the latest behavioural science, artificial intelligence and game mechanics to provide members with a highly engaging service that drives lasting healthy habits as well as providing actionable HR insights for businesses. As a result of the YuLife app’s unparalleled user engagement, members benefit from an average of 120 annual touchpoints and almost 1 million wellness quests have been completed through the app to date.