Insurance startup YuLife lands in the US

YuLife, the technology-focused financial services brand on a mission to inspire life, today announced its launch in the United States. Founded in London in 2016,

YuLife quickly gained 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 United States, the world’s largest insurance market, have long strived to increase engagement with their products and provide employee value. At the same time, US employers are struggling to proactively support employee health and well-being, a trend exacerbated by the Covid-19 pandemic and the Great Resignation. YuLife’s holistic employee performance and wellbeing platform leverages the latest trends in behavioral science and game mechanics to encourage employees to make proactive lifestyle changes while prioritizing prevention by reducing individual risk through healthy activities. The YuLife offering enables employees to earn rewards by completing everyday wellness activities, creating value and engagement in the workplace, and helping companies benefit from healthier, more motivated teams.

YuLife is available in partnership with leading insurance companies and benefits brokers and advisors.

“Insurance has the potential to deliver huge social benefits. Unusual for financial services, our product creates a close alignment of interests between insurers, employers and individuals,” said Sammy Rubin, CEO and founder of YuLife. “YuLife’s mission is to transform financial products into a force for good, and we can inspire people across the United States to improve their mental, physical and financial well-being by offering products that are accessible, engaging and deliverable. “

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Prioritizing gamification ensures YuLife attracts an unparalleled level of engagement and is valued and enjoyed by employees. Over 67% of eligible employees download and engage with the innovative, game-like YuLife app that allows employees to earn rewards by completing everyday healthy activities, with over a third of members using the YuLife app every day – in comparison to just one touch point 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 using the app. 85% of YuLife members feel more productive as a result of YuLife, and 67% of YuLife members agree that YuLife leads them to a healthier lifestyle. *

Since its inception in 2016, YuLife has grown rapidly in an industry that lacks innovation. The company now covers over 500,000 group policyholders spanning small to large businesses and has over $50 billion of insured assets. YuLife experienced more than five-fold growth in premiums year-over-year, raising a $120 million Series C led by Dai-ichi Life with participation by T. Rowe Price in July 2022, raising the company’s overall funding Raised $206 million.