Financial news

YuLife, the tech-driven financial services provider on a mission to inspire life, has launched 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 expansion into South Africa marks a significant milestone for the company. This is the next step as it seeks to redefine how people around the world 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. It 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. Furthermore, it prioritises 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 app enables employees to complete everyday wellness activities. For example, walking, meditation, and cycling, all enable employees to earn YuCoin, YuLife’s virtual well-being currency.

Making a change

Members can then use their YuCoin to buy vouchers for groceries, data, fuel, clothing and more from leading brands. Alternatively, they can donate meals, plant trees, or clean 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 ones’ 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. They also get 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. More and more companies are 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.”

Working together for a greater customer experience

YuLife South Africa’s policies are underwritten by Guardrisk Life, a South African life cell captive insurer and a tailored risk solutions provider. “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.”

The company has achieved rapid traction in an industry traditionally lacking in innovation. The company expanded into the US, and covers >600k group policyholders across small to large businesses, with over $50billion of coverage in place. YuLife has seen more than five times growth in premiums year-on-year. In July 2022, it raised a $120million Series C led by Dai-ichi Life. There was further participation from T. Rowe Price, bringing the company’s total funding to $206million.