A London-based InsurTech has raised £95 million to grow around the world.

YuLife was created out of a belief that the $6 trillion insurance industry is not fit for the future due to low trust, low perceived value and low engagement. 

Used by the likes of the Co-op, Santander and Elvie, it says its ‘win-win’ life insurance model benefits individuals, businesses and society. 

It provides immediate access to mental health support, virtual GP and other medical support services, while rewarding small behavioural changes – like walking or meditating – with wellbeing currency YuCoin, which can be exchanged for vouchers and discounts at the likes of Amazon, ASOS and Fitbit.

Its approach to risk management uses behavioural science, technology and game mechanics ‘to create an engaging and motivating experience’.

The company now has more than 500,000 policyholders across small to large businesses, with over £40 billion of cover in place.


“Insurance has the potential to achieve tremendous social good,” said Sammy Rubin, CEO and founder. “Unusually for financial services, our product creates a deep alignment of interests between the insurer, the company and the individual. 

“We believe that wellbeing must be holistic, and we are committed to building a global financial services brand that can change the lives of millions of people across the world.” 

Over a third of YuLife customers engage with the company every single day, compared to once a year for the average insurer, and 87% report an improvement to their wellbeing as a result of having YuLife as their insurer.

“Companies that choose YuLife are making a statement that they care deeply about their employees”, continued Rubin. 

“Now, more than ever, it is important for companies to go above and beyond to build a culture of care in the workplace, as traditional benefits packages just do not do the job. 

“Our proposition addresses a vital business need exacerbated by the COVID-19 pandemic and the ‘Great Resignation’.”

The Series C round was led by Dai-ichi Life Insurance Company – a new strategic investor and the third-largest life insurer in Japan by revenue – and supported by existing investors Creandum, LocalGlobe, Target Global, Latitude, Anthemis, OurCrowd, Notion, MMC and Eurazeo.

It will allow the company to enter new international markets and scale its product range.

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“Dai-ichi Life is committed to supporting companies that have a proven track record of changing people’s lives for the better, and YuLife does exactly that, by bringing tangible value to financial products to bolster individuals’ wellbeing,” said Toshiaki Sumino, director, managing executive officer, Dai-ichi Life Holdings. 

“YuLife has immense potential to build on its achievements to date, and we are thrilled to invest and help propel YuLife towards its next steps and scale its global operations. 

“YuLife shares our ethos of harnessing the latest trends in technology to make a genuine difference to the lives of those using financial products.”

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