YuLife,听the tech-driven insurance company on a mission to inspire听life, today announced that it has raised a $70M (~拢50M) Series B in one of Europe鈥檚 largest insurtech funding rounds in听life听insurance. The 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.听听YuLife听will use the capital to develop new products, expand its UK market penetration, and broaden its reach into new global markets.
鈥淭he听life听insurance industry is ripe for transformation. For too many years,听life听insurance has focused solely on paying out a lump sum upon death. It is now time to reimagine the very nature of听life听insurance by putting 鈥榣ife鈥� 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,鈥� said Sammy Rubin, CEO and Founder of听YuLife. 鈥淩edefining group-life听insurance is just the start of the journey for听YuLife听as we look to inspire听life听through a vast range of new insurance products.鈥�
YuLife听transforms traditional group听life听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听YuLife听members make proactive lifestyle changes, prevent physical and mental illness, and financially protect themselves thanks to essential services.
YuLife鈥檚听life听insurance includes everything in a traditional group听life听insurance policy 鈥� but also adds critical illness, income protection, virtual GP services and employment assistance such as counselling and coaching. Uniquely,听YuLife听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,听YuLife鈥檚 virtual currency, earned by completing everyday wellness activities such as walking, cycling, meditation, and mindfulness. By incentivising healthy living,听YuLife听provides employers with a way to simultaneously boost retention rates, improve employees鈥� standard of living, and safeguard their loved ones鈥� financial future.
YuLife鈥檚 app harnesses the latest behavioural science, artificial intelligence and game mechanics to provide members with a highly engaging service that drives lasting healthy habits as well as providing actionable HR insights for businesses. As a result of the听YuLife听app鈥檚 unparalleled user engagement, members benefit from an average of 120 annual touchpoints听and听almost 1 million wellness quests have been completed through the app听to date.
鈥淵uLife听is redefining听life听insurance, using the most innovative technologies to transform a largely听traditional听industry,鈥� said Ben Kaminski, Partner, Target Global. 鈥淲ith health and wellbeing increasingly thrust into the limelight in the wake of Covid-19,听YuLife听is fundamentally changing insurance by incentivizing people to lead healthier lifestyles.听YuLife听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听YuLife听on its journey of becoming a global leader in听life听insurance.鈥�
With its revolutionary approach, 鈥淵uLife听helps workplaces care for their staff in a way that offers lasting value – a unique approach that places businesses at the forefront of society鈥檚 recovery from the wellbeing crisis brought on by the pandemic,鈥� continued Rubin. 鈥淲e look forward to using our latest funding to continue to set a new standard for听life听insurance and expand globally, helping employers tailor their engagement offerings to what employees genuinely want and need.鈥�
Completely re-defining product and distribution in a听$2.2 trillion听global听life听insurance market with a focus on protection, wellbeing and healthy living for employees,听YuLife听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.
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