Insurtech startup YuLife has just locked in more than €117 million of fresh funding. The London-based startup takes a refreshing approach to insurance, driven by impact and an aim to empower people to live their best lives.
Signing up for a health insurance policy doesn’t scream excitement – rather protection and sensible long-term thinking. On a mission to make insurance about rewarding yourself instead, London-based YuLife has today announced it has raised more than €117 million in Series C funding.
The funding was led by Dai-ichi Life Insurance Company, Limited (TSE: 8750) (“Dai-ichi Life”), a new strategic investor in the company. It was also supported by YuLife’s existing investors which include Creandum, LocalGlobe, Target Global, Latitude, Anthemis, OurCrowd, Notion, MMC and Eurazeo.
The insurance industry is reported to be worth trillions of dollars. But, it’s largely perceived to be stuck in the past, to be stagnant, and to be in need of a fresh face. Couple this image with a global well-being crisis, and there’s a major gap in the market to provide something new and revive the insurance market for the realities of the current world. That’s what YuLife want to do.
Sammy Rubin, CEO and Founder, YuLife, explained: “Insurance has the potential to achieve tremendous social good. 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.”
Founded in 2016, YuLife is a tech-driven insurance provider on a mission to inspire life and is driven by an impact and desire to be a force for good. By combining technology with behavioural science, YuLife’s insurance model focuses on risk prevention, not just compensation. It then rewards people for healthy living, supporting mental, physical and financial well-being to foster healthier and happier communities and workplaces.
Sammy Rubin added: “Companies that choose YuLife are making a statement that they care deeply about their employees. 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 London-based startup is shaking up the insurance market, creating a new ‘win-win’ model which benefits individuals, businesses and society. The game-like YuLife app enables policyholders to complete everyday wellness activities in order to earn YuCoin – which can then be used to buy gifts for themselves, friends or family, or even to improve the world through offsetting, planting trees or donating to charity.
The company reports that more than a third of customers engage with the platform every single day – showing how it has become more than just an insurance product, but a tool to foster new habits. Further, according to YuLife, 87% of clients report an improvement in their well-being as a result of having YuLife as their insurer.
YuLife’s flagship product, group life insurance, has achieved rapid traction in a market lacking in innovation and the company has reported more than 5x growth in Gross Written Premiums year-on-year. YuLife now covers more than 500k policyholders across small to large businesses.
Toshiaki Sumino, Director, Managing Executive Officer, Dai-ichi Life Holdings, Inc, said: “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.”
This fresh capital boost will be used to broaden the firm’s reach into new global markets and scale its product range, delivering financial products that improve lives and reward wellbeing. This furthers the company’s ambition of transforming financial services into a force for good.