YuLife, leading UK Insurtech, Expands to South Africa to Transform the Insurance & Wellbeing Industry Following a successful launch in the US, the global tech-driven financial services provider is redefining insurance with well-being, engagement and rewards that inspire life for South African employees
YuLife, the tech-driven financial services provider on a mission to inspire life, today announced its launch in South Africa. Founded in London in 2016, YuLife achieved rapid traction in the UK insurance market through its flagship product, group life insurance. The company's expansion into South Africa marks a significant milestone as it seeks to redefine how people worldwide derive value from financial products.
Gamification ensures that YuLife attracts unrivalled levels of engagement which is valued and enjoyed by all employees. The YuLife app enables employees to complete everyday wellness activities, such as walking, meditation, and cycling, in order to earn YuCoin, YuLife’s virtual well-being currency. Members can then use their YuCoin to buy vouchers for groceries, data, fuel, clothing and more from leading brands, or to improve the world through donating meals, planting trees, or cleaning the ocean. By incentivising healthy living, YuLife provides employers with a way to simultaneously boost retention rates, improve employees' standard of living, and safeguard their loved one's financial future.
In addition to day-to-day well-being, YuLife provides critical well-being tools and services to further prevent illness, both mentally and physically. All employees with YuLife get access to a virtual GP service through Kena Health, counselling and advice through ICAS, alongside access to multiple well-being apps like Meditopia and Fiit.
“South Africa has the second highest insurance penetration globally, making it a perfect market for YuLife to expand into and showcase its innovative approach to insurance,” said Jaco Oosthuizen, YuLife Co-founder and Managing Director of YuLife South Africa. “There has been a big shift toward health and wellbeing in the workplace, with more and more companies adding new initiatives and resources to their employee benefits packages. YuLife is launching in South Africa to offer companies an easy way to provide extra protection - we’re looking forward to providing South African businesses and employees tangible value on an everyday basis in an accessible, engaging, and deliverable manner.”
YuLife South Africa’s policies are underwritten by Guardrisk Life, SA’s largest life cell captive insurer and the market leader in tailored risk solutions. “We are excited to be working together with YuLife to bring cost-effective insurance solutions to customers in South Africa,” said Herman Schoeman, CEO, Guardrisk Life. “As a company rooted in innovation, partnering with such a forward-thinking company like YuLife that shares our commitment to meeting customers’ needs makes good business sense. We look forward to developing our relationship with YuLife and providing our solutions to its customers while also empowering them to have a more thorough and holistic relationship with their life insurance and protection provider.”
YuLife has achieved rapid traction in an industry traditionally lacking in innovation. The company recently expanded into the US, and now covers >600k group policyholders across small to large businesses, with over $50bn of coverage in place. YuLife has seen more than 5x growth in premiums year-on-year, and in July 2022 raised a $120M Series C led by Dai-ichi Life with participation from T. Rowe Price, bringing the company’s total funding to $206M.
YuLife is a tech-driven financial services provider on a mission to inspire life and turn financial products into a force for good. By harnessing the power of technology and the latest behavioural science, YuLife’s insurance model focuses on risk prevention, not just claims compensation. The company is transforming the employee benefits market by rewarding employees for healthy living, supporting mental, physical and financial well-being and helping foster healthier, happier and more motivated teams. Founded in 2016, YuLife is headquartered in London and backed by global insurers and venture capital. https://yulife.com/za/
Guardrisk is South Africa’s largest cell captive insurer. We pioneered the cell captive concept in 1993 and provide tailor-made risk financing and insurance solutions for corporates, small enterprises and municipalities. The option of a third-party insurance offering lets clients sell insurance coverage to their customers, boosting their business’ earning potential and building their brand. Essentially, a cell captive facility gives clients all the benefits of owning their own insurance company without the inherent cost and administrative implications. Cell captives provide underwriting, reinsurance, claims management, investment, actuarial and accounting functions for clients (cell owners), which keeps costs down and gives clients access to a broad base of insurance skills. Guardrisk is a subsidiary of Momentum Metropolitan Holdings Limited, one of SA’s largest insurance-based financial services groups. The company is listed on the Johannesburg Stock Exchange in South Africa and on the Namibian Stock Exchange in Namibia.
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