Today, UK-based insurtech startup, YuLife, has launched its operations in South Africa. YuLife’s offerings include a well-being app that leverages the latest trends in behavioural science and game mechanics to encourage proactive lifestyle changes, prioritizing prevention by reducing risks through healthy activities.
Through the YuLife app, employees can complete wellness activities, such as walking, meditation, and cycling, and earn YuCoin, the company’s virtual well-being currency. Members can use their YuCoin to purchase vouchers for groceries, data, fuel, clothing, and more from leading brands or make a positive impact by donating meals, planting trees, or cleaning the ocean.
YuLife claims to offer employers a way to increase retention rates, enhance employees’ standard of living, and secure their loved one’s financial future by incentivizing healthy living. The insurtech startup has recently expanded to the US and reports over 5x growth in premiums year-on-year.
“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,” said Jaco Oosthuizen, YuLife co-founder and managing director of YuLife South Africa.
“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.
In July 2022, the company raised a $120M Series C round led by Dai-ichi Life, with participation from T. Rowe Price, bringing the total funding to $206M. According to recent data, the South Africa life insurance market’s gross written premium was R598.4 billion (~$40.5 billion) in 2021 and is predicted to achieve a CAGR of over 5% from 2021 to 2026.