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YuLife, the London-based tech-driven financial services provider, has expanded its group risk protection offering to South Africa, offering its flagship product, group life insurance. YuLife’s unique approach to insurance includes a wellbeing app that uses game mechanics to encourage employees to make positive lifestyle changes, coupled with critical wellbeing tools and services to prevent illness.
Employees using YuLife’s app can complete daily wellness activities, such as walking, meditation, and cycling, to earn YuCoin, a virtual well-being currency, which can be used to buy vouchers for groceries, fuel, data, clothing, or donate meals, plant trees, and clean the ocean. This incentivises healthy living while boosting retention rates, improving employee standard of living, and safeguarding their loved ones’ financial future.
The value of capital invested in insurtech companies globally peaked in 2018, though has generally remained above 10 billion U.S. dollars in subsequent years.
YuLife has seen rapid growth since it launched in 2016, covering over 600k group policyholders across small to large businesses, with more than $50bn of coverage in place. The company’s expansion into South Africa marks a significant milestone, and YuLife plans to provide South African businesses and employees with tangible value in an accessible, engaging, and deliverable manner.
YuLife South Africa’s policies are underwritten by Guardrisk Life, the largest life cell captive insurer in South Africa, and the market leader in tailored risk solutions. Herman Schoeman, CEO of Guardrisk Life, said that partnering with a forward-thinking company like YuLife that shares their commitment to meeting customers’ needs made good business sense.
YuLife’s innovative approach to insurance is transforming the employee benefits market, rewarding employees for healthy living, supporting mental, physical, and financial wellbeing, and helping foster healthier, happier, and more motivated teams. With YuLife’s successful expansion into South Africa and the US, the company’s mission to inspire life and turn financial products into a force for good is well underway.