YuLife Launches its Group Life Insurance Service in South Africa
YuLife, a tech-driven financial services provider with the goal of inspiring life, has announced its South African launch. Guardrisk Life, South Africa’s largest life cell captive insurer and market leader in bespoke risk solutions, underwrites YuLife South Africa policies. Herman Schoeman, CEO of Guardrisk Life, expressed excitement over the development while noting that it brings cost-effective insurance solutions to South African customers.
“As a company founded on innovation, collaborating with a forward-thinking company like YuLife that shares our commitment to meeting the needs of our customers makes good business sense. We are excited to grow our connection with YuLife and give our solutions to its clients, while also empowering them to have a more thorough and holistic engagement with their insurance providers,” said Schoeman
YuLife, which was founded in London in 2016, quickly gained traction in the UK insurance industry with its primary product, group life insurance. The company’s entry into South Africa is a critical step toward redefining how individuals throughout the world derive value from financial goods.
YuLife has gained a huge presence in a market that has previously lacked innovation. The company recently expanded into the United States, and today it has over 600,000 group policyholders ranging from small to large organizations, with over $50 billion in coverage in place. YuLife’s premiums have increased by more than 5x year on year, and the firm raised a $120 million Series C led by Dai-ichi Life with participation from T. Rowe Price in July 2022, bringing its total funding to $206 million.
Adding to a Growing Insurtech Sector
As the world’s second highest insurance penetration, South Africa makes an ideal market for Insurtechs. YuLife’s expansion demonstrates faith in the growing adoption of innovative strategies in insurance. Jaco Oosthuizen, YuLife Co-founder and Managing Director of YuLife South Africa, stated that there has been a significant shift toward health and wellness in the workplace, with an increasing number of companies adding new initiatives and resources to their employee benefits packages.
“YuLife is launching in South Africa to provide enterprises with an easy option to provide extra security – we’re looking forward to providing South African businesses and employees with concrete value on an everyday basis in an accessible, engaging, and deliverable manner,” stated Oosthuizen.
YuLife’s Group Risk Protection (Life, Income Protection, Lump Sum Disability, and Funeral Cover) combines all of the benefits of a standard group insurance policy with a global outstanding wellbeing app and trusted support services. YuLife uses the most recent behavioral science and game mechanics trends to motivate employees to adopt proactive lifestyle changes, while also emphasizing prevention by de-risking individuals through healthy activities.
YuLife attracts unprecedented levels of engagement, which are respected and enjoyed by all employees, thanks to gamification. The YuLife app allows employees to earn YuCoin, YuLife’s virtual well-being currency, by engaging in regular wellness activities such as walking, meditation, and cycling. Members may then use their YuCoin to purchase vouchers from leading businesses for food, data, fuel, clothing, and more, or to help the world by donating meals, planting trees, or cleaning the ocean.
YuLife provides employers with a solution to raise retention rates, improve employees’ standard of living, and protect their loved ones’ financial futures by promoting healthy living.