YuLife, a UK-based insurtech startup, launched its operations in South Africa right this moment.
YuLife’s product choices embrace a wellbeing app which harnesses the newest traits in behavioural science and recreation mechanics to encourage workers to make proactive way of life modifications, whereas prioritising prevention by de-risking people by way of wholesome actions.
The YuLife app allows workers to full on a regular basis wellness actions, comparable to strolling, meditation, and biking, so as to earn YuCoin, YuLife’s digital wellbeing forex. Members can then use their YuCoin to purchase vouchers for groceries, information, gasoline, clothes and extra from main manufacturers, or to enhance the world by way of donating meals, planting bushes, or cleansing the ocean.
By incentivising wholesome residing, YuLife claims to present employers with a approach to concurrently enhance retention charges, enhance workers’ way of life, and safeguard their family members’ monetary future.
“There has been a big shift toward health and wellbeing in the workplace, with more and more companies 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,” mentioned Jaco Oosthuizen, YuLife co-founder and managing director of YuLife South Africa.
YuLife not too long ago expanded to the US and claims to have seen greater than 5x progress in premiums year-on-year. In July 2022, the insurtech startup raised a $120M Series C led by Dai-ichi Life with participation from T. Rowe Price, bringing the corporate’s whole funding to $206M.
According to latest information, the gross written premium of the South Africa life insurance coverage market was R598.4 billion (~$40.5 billion) in 2021 and is anticipated to obtain a CAGR of greater than 5% from 2021 to 2026.
“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,” concluded Oosthuizen.
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