Afrigather YuLife, a UK-based insurtech startup, launched its operations in South Africa right now.
YuLife’s product choices embrace a wellbeing app which harnesses the most recent traits in behavioural science and sport mechanics to encourage staff to make proactive way of life adjustments, whereas prioritising prevention by de-risking people by means of wholesome actions.
The YuLife app permits staff to finish on a regular basis wellness actions, comparable to strolling, meditation, and biking, as a way to earn YuCoin, YuLife’s digital wellbeing forex. Members can then use their YuCoin to purchase vouchers for groceries, knowledge, gasoline, clothes and extra from main manufacturers, or to enhance the world by means of donating meals, planting timber, or cleansing the ocean.
By incentivising wholesome dwelling, YuLife claims to offer employers with a solution to concurrently increase retention charges, enhance staff’ lifestyle, and safeguard their family members’ monetary future.
“There was a giant shift towards well being and wellbeing within the office, with increasingly firms including new initiatives and sources to their worker advantages packages. YuLife is launching in South Africa to supply firms a simple method to offer further safety – we’re wanting ahead to offering South African companies and staff tangible worth on an on a regular basis foundation in an accessible, participating, and deliverable method,” stated Jaco Oosthuizen, YuLife co-founder and managing director of YuLife South Africa.
YuLife lately expanded to the US and claims to have seen greater than 5x progress in premiums year-on-year. In July 2022, the insurtech startup raised a $120M Collection C led by Dai-ichi Life with participation from T. Rowe Value, bringing the corporate’s complete funding to $206M.
In response to recent data, the gross written premium of the South Africa life insurance coverage market was R598.4 billion (~$40.5 billion) in 2021 and is predicted to realize a CAGR of greater than 5% from 2021 to 2026.
“South Africa has the second highest insurance coverage penetration globally, making it an ideal marketplace for YuLife to develop into and showcase its progressive strategy to insurance coverage,” concluded Oosthuizen.
