The insurtech enables its users to earn ‘wellness points’ that unlock discounts and vouchers at leading stores, such as Amazon and Asos.
Image source: Sammy Rubin/YuLife
Insurtech YuLife has closed one of the biggest funding rounds from a European insurtech, raising a $70m Series B.
The round was led by Target Global and saw participation from new investors Euraseo and Latitude as well as existing investors Creandum, Notion Capital and Anthemis.
YuLife plans to use the fresh capital to reinvent how we access life insurance, launch new products, deepen its involvement here in the UK and expand into new international markets.
“The life insurance industry is ripe for transformation. For too many years, life insurance has focused solely on paying out a lump sum upon death,” CEO and founder of YuLife, Sammy Rubin said.
“It is now time to reimagine the very nature of life insurance by putting ‘life’ first, and inspiring members to live their best lives every single day, using insurance as a tool to enhance their physical, mental and financial wellbeing. Redefining group-life insurance is just the start of the journey for YuLife as we look to inspire life through a vast range of new insurance products,” Rubin added.
YuLife’s insurance products contains everything you might expect in a traditional group-life policy but, also includes a host of extra features, including critical illness, income protection, virtual GP services and other features, such as counselling and coaching.
The insurtech also allows employees to reward healthy living by offering employees discounts from leading brands, such as Amazon and Asos, when they complete wellness activities, like cycling, walking and mindfulness.
When employees complete healthy living tasks, they are then rewarded with YuCoin, YuLife’s virtual currency that can be used to purchase discounts and vouchers with the insurtech’s partner brands.
“YuLife is redefining life insurance, using the most innovative technologies to transform a largely traditional industry. With health and wellbeing increasingly thrust into the limelight in the wake of Covid-19, YuLife is fundamentally changing insurance by incentivizing people to lead healthier lifestyles,” Ben Kaminski, partner at Target Global, added.
“YuLife is ideally positioned to build on its tenfold growth during the pandemic and lead the way in helping its clients respond to the challenges posed by an ever-changing working environment.”
Since it was founded in 2016, YuLife’s users have completed nearly one million wellness quests through its app to date.