The UK-based tech-driven financial services brand is building a world of insurance, reward, health & wellbeing for US employees
LONDON, Oct. 25, 2022 /PRNewswire/ -- YuLife, the tech-driven financial services brand on a mission to inspire life, today announced that it is launching in the United States. Founded in London in 2016, YuLife achieved rapid traction in the UK insurance market through its flagship product, group life insurance. The company's expansion into the US marks a significant milestone as it seeks to redefine how people around the world derive value from financial products.
Insurance carriers in the US, the world's largest insurance market, have long sought to enhance engagement with their products and provide added value to employees. Simultaneously, US employers are struggling to proactively support employees' health and wellbeing, a trend exacerbated by the Covid-19 pandemic and the 'Great Resignation'. YuLife's holistic employee benefits and wellbeing platform harnesses the latest trends in behavioral science and game mechanics to encourage employees to make proactive lifestyle changes, while also prioritizing prevention by de-risking individuals through healthy activities. The YuLife offering allows employees to earn rewards by completing everyday wellness activities, adding value and engagement in the workplace, in turn helping businesses benefit from healthier and more motivated teams.
YuLife is available in partnership with leading insurance companies and benefit brokers and advisers.
"Insurance has the potential to achieve tremendous social good. Unusually for financial services, our product creates a deep alignment of interests between insurers, employers and individuals," said Sammy Rubin, CEO and Founder, YuLife. "YuLife's mission is to turn financial products into a force for good, and we can inspire people across the US to improve their mental, physical and financial wellbeing by offering products that are accessible, engaging and deliverable."
Prioritizing gamification ensures that YuLife attracts unrivaled levels of engagement and is valued and enjoyed by employees. Over 67% of eligible employees download and engage with the innovative, game-like YuLife app, through which employees can earn rewards by completing everyday healthy activities, with over a third of members using the YuLife app every single day - compared to just one touchpoint per year for the average insurer. After a year of membership, 50% of users still use the app regularly. The average YuLife user takes over 6,300 steps per day (compared to a US average of 4,500), and an employee's average daily step count increases by 28% when they start to use the app. 85% of YuLife members feel more productive as a result of YuLife and 67% of YuLife members agree that they live healthier lifestyles as a result of YuLife. *
Since its foundation in 2016, YuLife has grown rapidly in an industry lacking in innovation. The company now covers >500k group policyholders across small to large businesses, with over $50bn of coverage in place. YuLife has seen more than 5x growth in premiums year-on-year, and in July 2022 raised a $120M Series C led by Dai-ichi Life with participation from T. Rowe Price, bringing the company's total funding to $206M.
Notes for Editors
All figures, unless otherwise stated, are taken from YuLife internal data, accurate to August 2022.
YuLife is a tech-driven financial services brand on a mission to inspire life and turn financial products into a force for good. By harnessing the power of technology and the latest behavioral science, YuLife's insurance model focuses on risk prevention, not just claims compensation. The company is transforming the employee benefits market by rewarding employees for healthy living, supporting mental, physical and financial wellbeing and helping foster healthier, happier and more motivated teams. Founded in 2016, YuLife is headquartered in London and backed by global insurers and venture capital. https://www.YuLife.com/.
UK: +44 203 769 6463
US: +1 914 336 4922