YuLife has received a £50m ($70m) funding injection to develop new products, expand its UK market penetration, and broaden its reach into new global markets.
YuLife’s model seeks to improve employee scheme members’ wellbeing while de-risking them through healthy activities.
Active YuLife members make proactive lifestyle changes that can prevent physical and mental illness, and financially protect themselves, says the provider.
YuLife has grown rapidly since it was founded in 2018 and now covers more than 400,000 employees for group life, and more than 6,500 on its GIP plans, according to the most recent Corporate Adviser Workplace Protection & Wellbeing Report.
YuLife 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.
The funding round was led by Target Global and supported by new investors Eurazeo and Latitude as well as existing investors Creandum, Notion Capital, Anthemis, MMC Ventures, and OurCrowd.
Sammy Rubin, CEO and founder of YuLife says: “The life insurance industry is ripe for transformation. For too many years, life insurance has focused solely on paying out a lump sum upon death. It is now time to reimagine the very nature of life insurance by putting ‘life’ first, and inspiring members to live their best lives every single day, using insurance as a tool to enhance their physical, mental and financial wellbeing.
“Redefining group-life insurance is just the start of the journey for YuLife as we look to inspire life through a vast range of new insurance products.”
Ben Kaminski, partner, Target Global says: “YuLife is redefining life insurance, using the most innovative technologies to transform a largely traditional industry.
“With health and wellbeing increasingly thrust into the limelight in the wake of Covid-19, YuLife is fundamentally changing insurance by incentivising people to lead healthier lifestyles. YuLife is ideally positioned to build on its tenfold growth during the pandemic and lead the way in helping its clients respond to the challenges posed by an ever-changing working environment. We are very proud to partner with YuLife on its journey of becoming a global leader in life insurance.”
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