Tech-driven insurance company YuLife will use its new capital to fundamentally change how people and businesses around the world derive value from financial products
YuLife,聽the tech-driven insurance company on a mission to inspire聽people to live their best聽lives, today announced that it has raised a $120M (~拢95M)聽in a聽Series聽C聽led by聽Dai-ichi Life Insurance Company, Limited (TSE: 8750) (鈥淒ai-ichi Life鈥�), a new strategic investor in the company.聽The聽funding聽round, which聽was supported by聽YuLife鈥檚 existing聽investors,聽takes YuLife鈥檚 total funding to $206M since the company was founded in 2016, having raised capital from top tier investors including Creandum, LocalGlobe, Target Global, Latitude, Anthemis, OurCrowd, Notion, MMC and Eurazeo.聽YuLife will use the capital to broaden its reach into new聽global聽markets聽and scale its product range, delivering financial products that improve lives and reward wellbeing. This furthers the company鈥檚 ambition of transforming financial services into a force for good.
YuLife believes that the $6 trillion insurance industry is not fit for the future due to low trust, low perceived value and low engagement. The global wellbeing crisis, exacerbated by the Covid-19 pandemic, has meant that there is a huge gap to fill in the market. YuLife鈥檚 flagship product, group life insurance, has achieved rapid traction in a market lacking in innovation.
YuLife has fundamentally changed the nature of life insurance, creating an innovative new 鈥榳in-win鈥� model which benefits individuals, businesses and society. The highly engaging, game-like YuLife app enables YuLife policyholders to complete everyday wellness activities in order to earn YuCoin, which they can use to buy gifts for themselves, friends or family, or to improve the world through planting trees and donating to charity. 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.
鈥淚nsurance has the potential to achieve tremendous social good鈥�, said Sammy Rubin, CEO and Founder, YuLife. 鈥淯nusually 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.鈥�
鈥淐ompanies that choose YuLife are making a statement that they care deeply about their employees鈥�, continued Rubin. 鈥淣ow 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 鈥楪reat Resignation鈥�.鈥�
鈥淒ai-ichi Life is committed to supporting companies that have a proven track record of changing people鈥檚 lives for the better, and YuLife does exactly that, by bringing聽tangible value聽to聽financial聽products to bolster individuals鈥� wellbeing,鈥� said Toshiaki Sumino, Director, Managing Executive Officer, Dai-ichi Life Holdings, Inc. 鈥淵uLife 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.鈥�
In July 2021, YuLife raised a $70M Series B in one of Europe鈥檚 largest insurtech funding rounds and has seen more than聽5x growth in Gross Written Premiums聽year-on-year.聽YuLife now covers聽>500k聽policyholders聽across small to large businesses, with over $50bn聽(~拢40bn) of cover in place.
