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YuLife snags $120M to disrupt $6T life insurance industry

Image credits: YULife

YuLife, a London-based tech-driven insurance company, announced that it has secured $120M in a Series C round led by Dai-ichi Life Insurance Company. With this round, YuLife has raised total funding of $206M since its inception in 2016. 

So far, numerous investors, including Creandum, LocalGlobe, Target Global, Latitude, Anthemis, OurCrowd, Notion, MMC, and Eurazeo, backed the company.

The announcement comes around one year after raising $70M in a Series B funding round. 

How will the funding be used?

The funds will help YuLife to broaden its reach into new global markets and scale its product range, delivering financial products that improve lives and reward wellbeing. 

“Insurance has the potential to achieve tremendous social good”, says Sammy Rubin, CEO, and Founder, YuLife. “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.”

YuLife believes that the $6 trillian insurance industry is not fit for the future due to low trust, low perceived value, and low engagement. 

Force for good

Founded by Jaco Oosthuizen, Jonathan Roomer, Josh Hart, Sam Fromson, and Sammy Rubin, YuLife is on a mission to inspire life and turn financial products into a force for good. 

YuLife transforms traditional group life insurance into a suite of wellbeing and insurance products. The company 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, YuLife’s virtual currency, earned by completing everyday wellness activities such as walking, cycling, meditation, and mindfulness.

By incentivising healthy living, YuLife provides employers with a way to simultaneously boost retention rates, improve employees’ standard of living, and safeguard their loved ones’ financial future.

Over a third of YuLife customers engage with the company every single day, claims the company. YuLife says around 87% report an improvement in their wellbeing, as a result of having YuLife as their insurer.

YuLife now covers >500k policyholders across small to large businesses, with over $50bn (~£40bn) of cover in place. The UK company has seen more than 5x growth in Gross Written Premiums year-on-year. 

“Companies that choose YuLife are making a statement that they care deeply about their employees”, continued Rubin. 

“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,” he adds. 

“Dai-ichi Life is committed to supporting companies that have a proven track record of changing people’s lives for the better, and YuLife does exactly that, by bringing tangible value to financial products to bolster individuals’ wellbeing,” says Toshiaki Sumino, Director, Managing Executive Officer, Dai-ichi Life Holdings, Inc. 

“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 in the lives of those using financial products,” he adds.

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