Fixing life-insurance industry with tech: UK-based Yulife raises €11.3 million funding for further expansion

Fixing life-insurance industry with tech: UK-based Yulife raises €11.3 million funding for further expansion

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We all have heard the advice of staying on top of our health game or at least working out 30 minutes every day can be beneficial in the long term. Only if things were that easy, there won’t be any life insurance corporations around! However, there are plenty of life insurance agencies that offer plans and packages based on a customer’s current health and by analysing a distant, often morbid, future that need not be the case.

Yulife is a UK-based startup that is shaking things the life insurance sector with its refreshingly positive approach. The company offers packages that focus on the present, with the wellbeing of the customer at heart. Not only that but insurance bought through Yulife comes via an app through which the company rewards to users who aim to opt for healthy activities. Intrgued already? Read on to find out more about the startup, how it functions and more.

Life insurance with a twist

Yulife sets itself apart from other insurance providers by actually caring for its customers. Most companies assess how healthy or unhealthy a person’s lifestyle is and how that will affect the company later on. On the other hand, Yulife offers insurance to people and rewards them for making healthy decisions in their day-to-day lives, via its wellbeing app.

After purchasing a policy, which is a completely digitised process, the company’s app encourages a person to complete easy actions. These activities include walking or meditation and after completing them, a user receives rewards like Avios air miles, vouchers and gift cards from partner brands like Amazon and ASOS. This simple yet effective method not only enables the company to reduce likely health risks for customers in the long term but also help members be healthy, happier and more productive.

Latest funding

With a simple yet effective strategy, the company attracted investors to secure €11.3 million in Series A funding. The round was led by Creandum Funds, which has previously backed successful ventures like iZettle and Spotify. Additionally, MMC Ventures and Notion Capital participated in the round alongside existing investors Anthemis Exponential Ventures, RGAX and one of Israel’s most active venture investor, OurCrowd.

This fresh funding follows a previous €3.4 million seed-round that was led by LocalGlobe With the fresh influx of funds, Yulife plans to further expand its reach to cover more businesses and develop its product.

Founded in 2016 by Sammy Rubin. Rubin says, “It’s been an incredible privilege to work with such a great team building yulife over the past three years and we’re confident that the further funding will allow us to fulfil our vision of making life insurance a force for good. We’re grateful to receive backing from investors with whom we are so deeply aligned, and believe this will help us promote our proposition to inspire lasting, healthy change in people’s lives.”

As mentioned earlier, users are rewarded for performing wellbeing activities. For every mile they walk, they earn a yucoin, which is the company’s wellbeing currency. The company has turned being healthy into a game where progressing through each level results in earning extra yucoins. Additionally, every two minutes of mindfulness via the app will result in user earning a yucoin. These yucoins can be redeemed for gift cards and vouchers.

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