Wellbeing has rocketed up the agenda during COVID-19.
So it is no surprise that wellbeing-focused insurance startup YuLife has attracted $120 million of Series C funding.
What does this mean for YuLife's future?
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In the wake of the ‘Great Resignation‘, organizations are recognizing that they need to provide their employees with more support to maintain employee retention rates and care for their workers.
YuLife, a wellbeing and tech-driven insurance company based in London, is capitalizing on this need for smarter insurance plans and has now announced it has raised $120 million in a Series C round.
The round was led by a new investor, Dai-Chi Life Insurance Company, which is huge life insurer in Japan. YuLife also received capital from investors such as Creandum, Target Global and Nation.
This round brings the company’s total funding to $206 million (it raised $70 million in a 2021 Series B) since its 2016 founding.
Over the past six years, YuLife has grown significantly and now has more than 500,000 policyholders in both small and large businesses, including CapitalOne, Del Monte, Santander and Co-op, representing over $50 billion of insurance cover.
YuLife’s wellbeing-driven insurance products
YuLife is planning to use the funding to broaden the company’s reach beyond the UK, as well as continue to grow its insurance product offerings.
“Insurance has the potential to achieve tremendous social good. Unusually for financial services, our product creates a deep alignment of interests between the insurer, the company and the individual”, commented Sammy Rubin, CEO and founder of YuLife.
He added: “We believe that wellbeing must be holistic, and we are committed to building a global financial services brand that can change the lives of millions of people across the world.”
This explains why YuLife offers an unconventional model for insurance, allowing its policyholders to compete via the app YuLife through everyday wellness activities.
YuLife views insurance as risk prevention, as it rewards companies’ employees for exercising and healthy living. It also seeks to improve the mental health of the teams within organizations.
Talking about the Series C, Toshiaki Sumino, the director and managing executive officer at Dai-Chi Life said: “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.
“We are thrilled to invest and help propel YuLife towards its next steps and scale its global operations. YuLife shares our ethos of harnessing the latest trends in technology to make a genuine difference to the lives of those using financial products.”
Rubin added: “It’s important for us to have investors and strategic partners that align with our values, and will allow us to expand our business while maintaining this fundamental part of our DNA, and what makes us YuLife.”
He concluded: “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.’”
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