London Coverage Startup Raises $70 Million to Disrupt Existence Insurance

• London-based mostly daily life insurance policies startup YuLife has elevated $70 million in fresh new funding.
• The international daily life insurance coverage market place is valued at all-around $2.2 trillion, for each Swiss Re. 
• YuLife CEO Sammy Rubin reported the marketplace has not found “significant innovation for a long time.”
• See far more stories on Insider’s business enterprise page.

A existence insurance policies startup that incentivizes workforce to are living healthier existence has landed $70 million in fresh new money as it bids to disrupt a multitrillion-greenback sector.

London-based mostly YuLife, which was started in 2017, differs from common existence insurance coverage suppliers, who provide a lump sum upon demise, by concentrating on presenting incentives this kind of as Amazon vouchers and air miles for consumers to put their wellbeing and wellbeing 1st.

“Wellbeing is at the centre of what we are accomplishing and COVID-19 has definitely accelerated the expansion of our business,” Sammy Rubin, CEO of YuLife advised Insider.

“Several providers have been obtaining into eyesight of bringing wellbeing to team, but COVID-19 has been trigger to progress of our company and we have grown 10x considering that begin of pandemic.”

The world wide daily life insurance policies sector is valued at all-around $2.2 trillion, per Swiss Re. YuLife features its system to companies with incentives to reward balanced living.

The startup has its possess digital forex, YuCoin, which can be acquired by finishing day to day wellness pursuits these kinds of as going for walks, biking,

meditation
, and

mindfulness
. Staff can log their exercise routines on the firm’s application, the place it will grant them 1 YuCoin for every mile walked.

YuLife

“There was a whole lot of desire for this spherical as insurance policies is final frontier of money expert services that hasn’t been disrupted, not like fintech,” Rubin additional.

“Lifestyle coverage is for a longer time and much more difficult so we could tap into the massive urge for food from buyers for insurtech, daily life insurance coverage and specifically B2B [business to business] is very interesting.” 

YuLife’s Sequence B was led by Concentrate on International and supported by new buyers Eurazeo and Latitude as perfectly as present investors Creandum, Notion Cash, Anthemis, MMC Ventures, and OurCrowd.

Funding will go in the direction of expanding YuLife’s Uk functions with Rubin adding that the business was “scarcely scratching the surface of the industry” and will internationalize its supplying far too. The startup has all-around 90 users of workers now and will use this clean funding to double headcount in the next 18 months. 

YuLife’s clientele contain US bank Money 1, grocery company Co-op, fintech Curve, French advert company Havas Media, British water business Severn Trent, and food services enterprise Sodexo.

 “This is an field that has not observed significant innovation for decades,” Rubin explained. “We want to reimagine lifestyle insurance as not just claims when men and women die but as aspect of a preventative resource that can help persons not get sick.”