yulife recently raised £10m ($12.7m) in funding for its group life insurance product that targets the SME space. Results from GlobalData’s 2018 UK SME Insurance Survey show that yulife’s approach to life insurance – which focuses on individuals’ mental and physical wellbeing – will be well received by SMEs.
Rather than providing a life insurance policy focused on death, yulife aims to put the wellbeing of the individual at the core of its offering. The app rewards employees with “yucoins” when they undertake healthy activities such as walking or engaging in mindfulness activities in order to increase their wellbeing. yucoins can then be exchanged for rewards such as gift vouchers, gym membership, or Avios points. Employers also benefit: as the wellbeing of their workforce increases, the likelihood of time off related to illnesses decreases.
GlobalData’s 2018 UK SME Insurance Survey shows that there is considerable interest among SMEs in supporting their employees’ health and wellbeing. 75.5% believe they should play an active role in supporting their employees’ mental health and wellbeing, which aligns with the capability of yulife’s app to sync with health and meditation apps. In addition, 71.4% of SMEs stated they should play an active role in their employee’s physical health and wellbeing.
These findings indicate that yulife’s group life insurance product will be well received by the SME market. Combined with the fact that its Series A funding round was led by Creandum Funds – which has an impressive investment track record that includes Spotify and iZettle – this could set a precedent for how a modern group protection offering should be packaged moving forward.