UK insurtech YuLife launches in South Africa

  • UK-based insurtech YuLife has this week launched its group life insurance service in South Africa.
  • The platform that it’s built upon aims to engage employees through gamification and rewards.
  • YuLife features an in-app currency called YuCoin, which can be redeemed for real world products thanks to a growing network of partners.

There is a new group life insurance player in South Africa, as this week UK-based insurtech YuLife has expanded to our shores.

South Africa marks the first country on the African continent where YuLife has been made available to brokers, with the history of innovation in the local insurance industry, as well as the high penetration of life insurance in SA being reasons as to why this company has chosen to bring its platform here.

“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,” noted Jaco Oosthuizen, YuLife co-founder and MD of YuLife South Africa, of the launch.

“There has been a big shift toward health and wellbeing in the workplace, with more and more companies adding new initiatives and resources to their employee benefits packages. YuLife is launching in South Africa to offer companies an easy way to provide extra protection – we’re looking forward to providing South African businesses and employees tangible value on an everyday basis in an accessible, engaging, and deliverable manner,” he added.

YuLife’s Group Risk Protection, which includes life cover, income protection, lump sum disability cover, and funeral cover, features many of the traditional elements of a group insurance policy, but also adds a wellbeing app and support services to the mix. It is also worth noting that YuLife is built to handle even smaller organisations, with it targeting those with as few as five employees.

Regarding wellbeing, what distinguishes YuLife is its gamification elements, which actively looks to engage with employees and reward them for completing tasks like hitting step goals, taking time off to meditate, and generally being more active.

Added to this is an in-app currency called YuCoin. Completing aforementioned tasks and goals within the app, which is available and supported on a number of mobile devices and ecosystems, earns you more YuCoin, which in turn can be used towards real world products and services. To that end, YuLife has a growing network of partners locally, as it looks to incentivise greater wellbeing via engagement with said app.

“In addition to day-to-day wellbeing, YuLife provides critical wellbeing tools and services to further prevent illness, both mentally and physically. All employees with YuLife get access to a virtual GP service through Kena Health, counseling and advice through ICAS, alongside access to multiple wellbeing apps like Meditopia and Fiit,” the company pointed out in a press statement.

Last worth mentioning is YuLife’s underwriter, Guardrisk, which is also SA’s largest life cell captive insurer.

“As a company rooted in innovation, partnering with such a forward-thinking company like YuLife that shares our commitment to meeting customers’ needs makes good business sense. We look forward to developing our relationship with YuLife and providing our solutions to its customers while also empowering them to have a more thorough and holistic relationship with their life insurance and protection provider,” added Herman Schoeman, CEO, Guardrisk Life.

If YuLife has piqued the interest of your organisation, you can find out more here.


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