UK-based insurtech firm YuLife has launched its group life insurance in South Africa, after launching its financial services product in the UK and the US.
YuLife’s Group Risk Protection includes life, income protection, lump sum disability and funeral cover as well as a wellbeing app and trusted support services.
The YuLife app enables employees to complete wellness activities to earn YuCoins, its virtual wellbeing currency. YuCoins can be used to buy vouchers or invest in philanthropic activities.
YuLife SA’s policies will be underwritten by Guardrisk Life, South Africa's largest life cell captive insurer in tailored risk solutions.
Commenting on the expansion, YuLife South Africa’s co-founder and managing director Jaco Oosthuizen says: "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."
He adds: “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.”
