Insurtech company YuLife has raised $120 million in a series C funding round.
UK-based YuLife plans to invest the capital in a geographical expansion and scaling its range of products “that improve lives and reward wellbeing”.
The series C round, led by Dai-ichi Life with support from existing investors, take the insurtech company’s total raised since 2016 to $206 million.
Those investors backed a company that aims to upend an insurance industry that is “not fit for the future due to low trust, low perceived value and low engagement”, as a “wellbeing crisis” grips the globe.
YuLife’s flagship product, group life insurance, centres on an app that gamifies wellness, rewarding policyholders when they complete activities.
The insurtech company claims that more than a third of its policyholders engage with it every day, compared to once a year for the average insurer, while 87% report an improvement to their wellbeing as a result of having YuLife as their insurer.
YuLife now covers more than 500,000 policyholders across small to large businesses, with $50 billion+ of cover in place.