The round was also supported by new investors Eurazeo and Latitude as well as existing investors Creandum, Notion Capital, Anthemis, MMC Ventures, and OurCrowd.
The insurer will use the capital to develop new products, expand its UK market penetration, and broaden its reach into new global markets.
YuLife’s life insurance includes everything in a traditional group life insurance policy, but also adds critical illness, income protection, virtual GP services and employment assistance such as counselling and coaching.
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In the past year, YuLife has seen more than 10x growth in Gross Written Premiums, already providing over $15bn of total cover to employees and their families at world-leading companies, including Capital One, Co-op, Curve, Havas Media, Severn Trent, and Sodexo.
Sammy Rubin, CEO and Founder of YuLife commented: “The life insurance industry is ripe for transformation. For too many years, life insurance has focused solely on paying out a lump sum upon death.
“It is now time to reimagine the very nature of life insurance by putting ‘life’ first, and inspiring members to live their best lives every single day, using insurance as a tool to enhance their physical, mental and financial wellbeing.
“Redefining group-life insurance is just the start of the journey for YuLife as we look to inspire life through a vast range of new insurance products.
“With its revolutionary approach, YuLife helps workplaces care for their staff in a way that offers lasting value – a unique approach that places businesses at the forefront of society’s recovery from the wellbeing crisis brought on by the pandemic.
“We look forward to using our latest funding to continue to set a new standard for life insurance and expand globally, helping employers tailor their engagement offerings to what employees genuinely want and need.”
Ben Kaminski, Partner, Target Global commented: “YuLife is redefining life insurance, using the most innovative technologies to transform a largely traditional industry.
“With health and wellbeing increasingly thrust into the limelight in the wake of Covid-19, YuLife is fundamentally changing insurance by incentivising people to lead healthier lifestyles.
“YuLife is ideally positioned to build on its tenfold growth during the pandemic and lead the way in helping its clients respond to the challenges posed by an ever-changing working environment. We are very proud to partner with YuLife on its journey of becoming a global leader in life insurance.”
Source: Reinsurance News
