An InsurTech company aiming to reinvent life insurance with a unique focus on wellbeing and healthy living has raised £50 million.
The Series B round into YuLife 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.
YuLife will use the capital to develop new products, expand its UK market penetration and broaden its reach into new global markets.
“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,” said CEO and founder Sammy Rubin.
“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.”
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.
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.
The app harnesses behavioural science, artificial intelligence and game mechanics to provide members with an engaging service that drives lasting healthy habits as well as providing actionable HR insights for businesses. Members benefit from an average of 120 annual touchpoints and almost 1 million wellness quests have been completed through the app to date.
“YuLife is redefining life insurance, using the most innovative technologies to transform a largely traditional industry,” said Ben Kaminski, Partner, Target Global.
“With health and wellbeing increasingly thrust into the limelight in the wake of Covid-19, YuLife is fundamentally changing insurance by incentivizing 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.”
YuLife has seen more than 10x growth in Gross Written Premiums in the past year already providing over $15bn of total cover to employees and their families at world-leading companies, including Capital One, Co-op, Curve, Havas Media, Severn Trent and Sodexo.