YuLife, a UK-based insurtech company, has introduced its service of group life insurance in South Africa. YuLife’s Group Risk Protection provides life, income protection, lump sum disability, and funeral coverage, as well as a well-being app and trusted support services.
Employees may use the YuLife app to perform health activities and earn YuCoins, the programme’s virtual well-being currency. Guardrisk Life, South Africa’s leading life cell captive insurer, will underwrite YuLife South Africa policies in personalised risk solutions.
The YuLife app allows employees to earn YuCoin, YuLife’s virtual well-being currency, by engaging in regular health activities like walking, meditation, and cycling. Employees may use it to purchase presents for themselves, friends, and family or to help the environment by planting trees or donating to charities.
YuLife believes that by incentivising healthy living, companies may simultaneously increase retention rates, enhance workers’ quality of life, and protect their loved ones’ financial futures.
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The company hopes to give South African businesses an easy way to offer extra protection.
According to Jaco Oosthuizen, co-founder and managing director of YuLife South Africa, “South Africa has the second highest insurance penetration globally, making it a perfect market for YuLife to expand into and showcase its innovative approach to insurance.”
“YuLife is launching in South Africa to give businesses an easy way to offer extra protection. We’re looking forward to giving South African businesses and employees real value every day in a way that is accessible, engaging, and delivers. There has been a significant shift towards workplace health and wellness, with an increasing number of companies adding new initiatives and resources to their employee benefits packages.”
“We are excited to be working with YuLife to bring cost-effective insurance solutions to customers in South Africa,” stated Herman Schoeman, CEO of Guardrisk Life. As a firm founded on innovation, collaborating with a forward-thinking company like YuLife that shares our dedication to serving the requirements of our consumers makes excellent commercial sense.
“We look forward to strengthening our relationship with YuLife and providing our solutions to its customers while also empowering them to have a more comprehensive and holistic relationship with their life insurance and protection provider.”
YuLife has transformed the life insurance industry
YuLife leverages the most cutting-edge developments in behavioural science and gaming mechanics to inspire workers to adopt proactive lifestyle changes while also emphasising prevention by de-risking people via healthy activities.
Also, it offers essential resources for mental and physical health maintenance, in addition to the care needed for day-to-day living. YuLife members get access to various wellness resources, including a virtual doctor’s office (provided by Kena Health), counselling and assistance (provided by ICAS), and applications like Meditopia and Fiit.
By developing a novel ‘win-win’ model that is beneficial to people, companies, and society at large, YuLife has transformed the life insurance industry. With its all-in-one platform, the firm provides your team with a workplace wellness solution that they value and utilise, including staff wellness challenges, a virtual GP, on-demand mental health, financial protection, and awards.
Compared to the typical insurer, YuLife clients interact with the firm more than once every day, and 87% say their health has improved as a direct consequence of being insured by YuLife.
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About YuLife
YuLife is a technology-driven financial services firm founded in 2016 with funding from major insurers and venture capitalists. The company’s mission is to inspire people and convert financial goods into a force for good. YuLife’s insurance approach focuses on risk reduction rather than claims compensation by using the power of technology and cutting-edge behavioural research.
The firm is revolutionising the employee benefits industry by rewarding workers for healthy living, supporting emotional, physical, and financial well-being, and fostering healthier, happier, and more motivated teams.
