Transforming the Insurance & Wellbeing Industry in #SouthAfrica is @YuLife #InsureTech

Hi Guys, 

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.

YuLife’s Group Risk Protection (Life, Income Protection, Lump Sum Disability, and Funeral Cover) includes everything in a traditional group insurance policy – but also adds a globally award-winning well-being app and trusted support services. YuLife harnesses the latest trends in behavioural science and game mechanics to encourage employees to make proactive lifestyle changes, while also prioritising prevention by de-risking individuals through healthy activities.

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.

About YuLife

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/

About Guardrisk

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. 

Till next time...Aashish Thanks you Cheers!!!

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Indiblogger & IDBI Federal - Befikar Life Forever!

Hi Guys,

It's true that we all want to do a lot of things but family responsibilities make us take another path to keep both ends meet. I too am tied up in a lot of responsibilities from time to time which always took an alternate turn which I never wanted in my life. But if someone gives me a choice to do some things without considering about any of the financial liabilities then I definitely can enjoy my life a lot. #BefikarUmarBhar

The top 5 items in my bucket list are

1. Work in London – My first onsite trip from job was London, UK and I really loved the city and the country. I didn’t want to come back but family wanted me to return and I had to sacrifice my onsite trip in 14 months time. I really want to go back and see the remaining cities I have not seen in UK and also see Europe from there. London has everything a city can offer; you have Indian touch as well as International feeling. It has a lot of cultural heritage as well as great night life.
2. Full time Blogger & Photographer – If there is no financial liability on me and all my home loan debt is paid off, I would definitely want to focus on my blog and writings. I will build on my dream to become a fashion photographer by becoming an assistant to the top one of the country and learn from them. I can then follow my passion to click those moments which takes your breathe away.
3. Review latest tech gadgets – I would love to attend events organized world over to launch new technology products and gadgets. I would love to go to all the new product launches and meet a lot of technology geniuses around the world. It will be so awesome to be present in front of CEO’s of top companies as they announce their latest gadgets. Imagining a life of going to all the launches of mobiles, tablets, TV, Cameras and much more stuff.
4. Vacations on beaches & 7 wonders of the world – I would love to spend every summer from now onwards in one of the best beaches of the world. That ways I will be able to enjoy all the beaches while my body picks up tanning. I would love to see all the 7 Wonders of the World. Seven wonders always attract a lot of people around the world and that’s where I want to start from for all those selfies moments.
5. Tennis – I love watching Lawn Tennis and would love to see once in a life, all the championships like French Open, US Open, Wimbledon and others than happens every year. I would love to see the Finals in all those matches. I would love to meet Roger Federer in person as I adore him. It won’t be bad at all to see Maria Sharapova live in action. I remember watching Mahesh Bhupati live in action (semi-final mixed doubles match) in Wimbledon way back in 2011 but couldn’t get the tickets to the final day of the event.

Some of the stuff is easy to do but then we can’t do because our focus is required in some other area as well. As when we were kids, our whole focus was on play and while we become teenagers, the whole focus went to studies and clearing entrance exams. While we were doing our engineering, the focus was on learning and getting a job after that. Once we join the job, the whole focus was to pay education loan and learn the new skills required for the job description. Once you are married, then unlimited responsibilities ties you down and you need to focus more on making money all the time to meet your ever increasing expenditures. This is a vicious circle of life which we need to live but in-between we shall take some time off to complete our bucket list and keep adding new stuff to the same.

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The picture is taken from the contest page at - https://www.indiblogger.in/happyhours/befikar-umar-bhar/

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