YuLife

Based in the UK, YuLife offers group life insurance. The company operates under a B2B model, with clients providing life insurance to employees as part of the latter’s employment benefits.

YuLife currently offers four products: group life insurance (death in service), which pays a sum of money in the event of death of an employee based on a lump sum or a multiple of the employee's salary. Group income protection pays a monthly sum to employees if they are unable to work due to an illness or injury for an extended period. Group critical illness provides medical or income cover if an employee, their child, or partner (if included) suffers one of the critical illnesses defined in the policy. Group health insurance covers outpatient consultations and treatment for eligible illnesses.

Unlike traditional insurers that only pay claims, YuLife also aims to improve the well-being of policyholders through gamification and rewards. Customers can engage with the mobile app and complete tasks such as meditation, cycling, and walking to earn YuCoins, which can be redeemed with third-party vendors such as FitBit, Meditopia, and Garmin devices. The company claims that ~46% of its users engaged with the app monthly as of June 2022. In addition, it provides employee assistance programs (EAP) that provide 24/7 telephone and online access to clinically trained mental health experts, as well as financial support, legal advice, and career coaching.

YuLife also launched an AI-powered tool, YuScore, which predicts business risks based on employee health and well-being. The YuScore is generated by combining employee health engagement levels with its proprietary machine learning algorithm. The tool provides predictive insights into employee health trends, allowing for proactive, data-driven initiatives to reduce health and business risks. Customers will receive tailored recommendations based on their YuScore data to improve the health of their workers and prevent illness.

The company expanded its operations to the US and South Africa in October 2022 and April 2023, respectively.

Key customers and partnerships

As of April 2023, YuLife provided cover to over 600,000 policyholders across small to large businesses, with more than USD 50 billion in coverage in place. Its customers included companies such as Jaguar Land Rover, Santander, and Capital One UK among others.

The company’s insurance policies are written by AIG, MetLife, and Zurich, and in South Africa by Guardrisk Life. In addition, it offers group health insurance in partnership with Bupa.

Funding and financials

In July 2022, YuLife raised USD 120 million in Series C funding led by Dai-ichi Life Holdings at a valuation of USD 800 million. It aimed to funnel the fresh capital to expand its geographic presence and product portfolio. YuLife was in talks with underwriters and other stakeholders for a US launch as of the same date and was eyeing the Japanese market for long-term expansion.

The company reported that its gross written premiums had grown 5x in FY2021, and it had provided life coverage worth USD 50 billion (~GBP 40 billion) compared to USD 15 billion in the prior year. Its flagship group life insurance product, accounted for over 80% of revenue during FY2021.

Key competitors: None comparable (YuLife is the only startup that operates under a B2B model, offering life insurance as part of the client’s employment benefits)