Life-focused insurtech YuLife has expanded and launched in South Africa.
Based in 2016, the insurtech gained traction within the UK by means of its group life insurance coverage.
YuLife’s group threat safety consists of the whole lot in a conventional group insurance coverage coverage, but additionally provides a wellbeing app and trusted help companies.
As well as, YuLife utilises the most recent traits in behaviourial science and sport mechanics to encourage staff to make proactive life-style modified. It additionally prioritises prevention be de-risking people by means of wholesome actions.
Along with day-to-day wellbeing, YuLife supplies essential wellbeing instruments and companies to additional stop sickness, each mentally and bodily. All staff with YuLife get entry to a digital GP service by means of Kena Well being, counseling and recommendation by means of ICAS, alongside entry to a number of wellbeing apps like Meditopia and Fiit.
“South Africa has the second highest insurance coverage penetration globally, making it an ideal marketplace for YuLife to broaden into and showcase its progressive method to insurance coverage,” mentioned Jaco Oosthuizen, YuLife co-founder and managing director of YuLife South Africa.
“There was an enormous shift towards well being and wellbeing within the office, with increasingly corporations including new initiatives and sources to their worker advantages packages. YuLife is launching in South Africa to supply corporations a straightforward approach to supply further safety – we’re wanting ahead to offering South African companies and staff tangible worth on an on a regular basis foundation in an accessible, partaking, and deliverable method.”
YuLife just lately expanded within the US and now covers over 600,000 group policyholders with over $50bn of protection in place.
It has secured an funding from funds and accounts suggested by T. Rowe Worth.
The most recent funding is a part of YuLife’s $120m Sequence C spherical, which was led by Japanese insurance coverage large Dai-ichi Life in July 2022.
Particularly, YuLife will use the funding to help its deliberate enlargement within the US market.
