YuLife has launched in South Africa.
Founded in London in 2016, YuLife’s group risk protection product provides life, income protection, lump sum disability, and funeral cover as well as a wellbeing app and support services.
YuLife uses behavioral science and game mechanics to encourage employees to make proactive lifestyle changes, while also prioritising prevention by de-risking individuals through healthy activities.
Its app uses gamification to enables employees to complete everyday activities in order to earn the firm’s virtual currency which members can then use to buy vouchers from leading brands or to improve the world through donating meals, planting trees, or cleaning the ocean.
It also provides wellbeing tools and services aimed at further preventing mental and physical illness and all covered employees get access to a virtual GP service through Kena Health, counselling and advice through ICAS, alongside access to multiple wellbeing apps such as Meditopia and Fiit.
Jaco Oosthuizen, co-founder and managing director of YuLife South Africa, said: “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.
“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.”
YuLife South Africa’s policies are underwritten by Guardrisk Life.
Herman Schoeman, CEO of Guardrisk Life, added: “We are excited to be working together with YuLife to bring cost-effective insurance solutions to customers in South Africa.
“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.”