YuLife is bringing its brand of gamified group life insurance to the US after officially launching in the country.
The London-headquartered insurtech company provides group life insurance policies in the UK, where it was founded in 2016. Its policies include health incentives, allowing employees to earn rewards by completing everyday wellness activities.
“YuLife’s mission is to turn financial products into a force for good,” said Sammy Rubin, chief executive officer and founder of YuLife. “We can inspire people across the US to improve their mental, physical and financial wellbeing by offering products that are accessible, engaging and deliverable.”
YuLife takes a holistic approach to life insurance, facilitated by an employee benefits and wellbeing platform. Behavioural science and game mechanics are used to encourage employees to make healthier lifestyle changes and so present a lower insurance risk.
Insurance carriers in the US, the world’s largest insurance market, have long sought to enhance engagement with their products and provide added value to employees, suggesting a space in the market for YuLife’s platform, the company said in a statement.
Rubin said: “Insurance has the potential to achieve tremendous social good. Unusually for financial services, our product creates a deep alignment of interests between insurers, employers and individuals.”
The company now covers more than 500,000 group policyholders across small to large businesses, with over $50b of coverage in place.
In July 2022, YuLife raised a $120m Series C led by Dai-ichi Life, bringing the company’s total funding to $206m.
Image source: YuLife