London-based insurtech company that combines life insurance, employee wellbeing programme, and rewards, YuLife has raised $120 million in a Series C funding. The round was led by Dai-ichi Life.
The company had brought in $70 million last year in one of Europe’s largest insurtech funding rounds. The new round, which was supported by YuLife’s existing investors, takes its total funding to $206 million, having raised capital from top tier investors, including Creandum, LocalGlobe, Target Global, Latitude, Anthemis, OurCrowd, Notion, MMC and Eurazeo.
The $6 trillion insurance industry is not fit for the future due to low trust, low perceived value and low engagement. The global wellbeing crisis, exacerbated by the Covid-19 pandemic, has meant that there is a huge gap to fill in the market.
According to Sammy Rubin, CEO and founder of YuLife, insurance has the potential to achieve tremendous social good. And that’s what the platform aims to target.
Founded in 2016, YuLife is attempting to change the nature of life insurance by creating a new ‘win-win’ model which benefits individuals, businesses and society. The game-like YuLife app enables YuLife policyholders to complete everyday wellness activities in order to earn YuCoin, which they can use to buy gifts for themselves, friends or family, or to improve the world through planting trees and donating to charity.
“Now more than ever it is important for companies to go above and beyond to build a culture of care in the workplace, as traditional benefits packages just do not do the job. Our proposition addresses a vital business need exacerbated by the Covid-19 pandemic and the ‘Great Resignation’,” Rubin said.
The company claims over a third of YuLife customers engage with the platform every single day, compared to once a year for the average insurer, and 87% report an improvement to their wellbeing as a result of having YuLife as their insurer.
“Dai-ichi Life is committed to supporting companies that have a proven track record of changing people’s lives for the better, and YuLife does exactly that, by bringing tangible value to financial products to bolster individuals’ wellbeing,” said Toshiaki Sumino, director, managing executive officer of Dai-ichi Life.
The new infused capital will help the insurtech to broaden its reach into new global markets and scale its product range, delivering financial products that improve lives and reward wellbeing.
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