YuLife is an insurance startup that provides its clients with unique kinds of life insurance coverage. The enterprise is tech-driven and embraces its mission to inspire its clients to live life in healthy ways with rewards for healthy living and resources for achieving improved health. If you're not yet familiar with the new insurance startup, here are 20 things you probably didn't know about YuLife to bring you up to speed.
1.YuLife is a unique company with a different approach
According to Crunchbase, YuLife is a different life insurance and policy provider that takes a unique approach to care for its customers. The business offers policies that provide policyholders with income in the event of critical illness.
2. YuLife is a young company
YuLife has only been in operation for five years. It was founded in 2016 by its founders Jaco Oosthuizen, Jonathan Roomer, Josh Hart, Sam Fromson, and Sammy Rubin. The company is based in England in the United Kingdom with its headquarters in London.
3. YuLife uses behavioral science
YuLife is a tech-driven insurance enterprise that harnesses the latest information in behavioral science and the power of gamification. These technologies help YuLife's staff and decision-makers to create rewards for its clients that inspire them to participate in activities that improve their individual lives, enhancing wellness and a healthier lifestyle. The strategy is not only good for the public, but it also lowers the number of insurance claims made because of critical illness events. The company has shown that it cares about the health and well-being of its clients by offering various incentives to live a healthier lifestyle, including lower premiums for certain behaviors.
4. YuLife has a five-member executive leadership team
There are five members on the executive leadership team at YuLife. Josh Hart is a co-founder and serves as the chief product and technology officer. Sammy Rubin is a co-founder and chief executive officer. Sam Fromson is a co-founder and chief operations, officer. Jaco Oosthuizen is a co-founder and chief insurance officer. Jonathan Roomer is a co-founder and head of client success. Remarkably, the leadership executives calling all the shots are all co-founders and owners of the company that makes up a dynamic team of young professionals.
5. YuLife has a three-member board of directors
The board of directors for YuLife is composed of three members and advisors. Each brings a high level of experience and professional expertise to the board, offering their observations and advisement. Vica Manos is a board observer who currently serves on one board in an advisory role. Carl Fritjofsson is a board member and partner at Creandum. He has founded two organizations and currently serves on six boards in advisory roles. Itxaso del Palacio is a board observer and partner at Notion Capital with one portfolio company. She has one portfolio company and currently serves on three boards in advisory roles.
6. YuLife uses a complex array of technologies
The website for YuLfie uses 26 technologies actively. These technologies are distributed over seventeen technology products and services. Some of the technologies used to power the website include HTML5, jQuery, Google Analytics, iPhone Mobile Compatible, LetsEncrypt, Viewport Meta, and several others. While the website operates smoothly and seamlessly for visitors and users, a lot is going on behind the scenes.
7. YuLife maintains unique status that separates it from its competitors
One of the most important things a new startup can do to ensure its success in a highly competitive environment is to establish uniqueness. There must be something that separates it from the other similar companies and makes it stand out. YuLife has satisfied this requirement with one registered trademark in the insurance and financial affairs class. This legally prevents other companies from imitating or copying the trademarked element of the company, giving it exclusive rights for the use, and excluding everyone else.
8. YuLife's web traffic is slow, but picking up
YuLife could do better with its web traffic as it has low numbers. There are 6,319 monthly visitors on average. One hundred percent of the visitors are from the United Kingdom. This is likely because YuLfie caters to the insurance needs of people who live in the UK, and it has not yet expanded its operation to include clients from other countries. There is hope, however as the monthly visits growth statistics show that there has been a 91.6 percent rate of growth in the number of monthly visits over the past 30 days.
9. YuLife is an early-stage venture capital-backed enterprise
YuLife recently completed a round of Series B funding on July 14, 2021. The total amount raised over four rounds is $86.6 million. The most recent investors for YuLife are Anthemis Exponential Ventures and MMC Ventures. YuLife currently has twelve investors that are backing the startup's fundraising efforts. YuLife has three lead investors. Creandum, Eurazeo, Latitude, Target Global, Our Crowd, and Notion Capital are also investors.
10. YuLife has a Yucoin incentive
According to LinkedIn, YuLife has developed a rewards program for its client that uses a kind of voucher-based currency that it calls Yucoin. YuCoins are earned by making healthy lifestyle choices. They are presented in the form of vouchers for Apple, ASOS, Amazon, and other retailers. Small changes that clients make in their lifestyles add up the number of Yucoins that can be redeemed for a variety of different tangible rewards.
11. YuLife's app tracks earned rewards
Earning rewards that can be redeemed for tangible goods is easier than ever through the YuLife app. YuLife uses this convenient technology to record healthy activities that are eligible for rewards, including meditation sessions, going for a walk, and other lifestyle choices. The app keeps track of the activities (after the user enters them), and it calculates the number of Yucoins that are earned.
12. YuLife promotes wearable tech
Tech devices that monitor health and wellness activities are useful for recording healthy activities. YuLife promotes the use of Fitbit devices to monitor sleep, nutrition, and moments of mindfulness. Because of its reliability and convenience, YuLife has designed its app to sync directly with all Fitbit devices to help clients more quickly and easily earn their Yucoin rewards. This is one of the ways that the insurance company is using advanced technology to inspire healthier lifestyles.
13. YuLife has partnered with Fitbit
In a brilliant strategic move, YuLife has partnered with the Fitbit company to help boost the client base for both companies. Because of this collaboration, YuLife subscribers can take advantage of a discount that is offered on all Fitbit fitness trackers and smartwatches. It's a part of the rewards section at YuLife that gives its clients a discount of 22 percent on Fitbit devices. It's a nice perk of being a YuLife subscriber/policyholder.
14. YuLife solicits user input
One of the ways that YuLife maintains a solid reputation with its clientele is to ask for their input. The company's goal and mission are to be inspirational in a positive way for clients but they also want to know how their clients feel about the products and services. They continually ask for feedback about how they're doing, and if there are any changes that clients would like to see. YuLife is concerned about the entire customer experience. From what we can tell, it's working because YuLife has received a rating that is excellent on the review site Trustpilot. This is a significant accomplishment that inspires confidence in the company overall.
15. YuLife sponsors sporting events
YuLife's leadership believes in positive training and infusing healthy fun into the training whenever possible. We learned that they celebrated their successes with a seven-week YuLife Hot Season Sporting Event. The event started with three weeks of training surges, culminating in the main event to be held on July 23rd. Contestants and participants can earn up to ten times the normal allocations of YuCoin. The event also includes other fun competitions and raffles. They're giving away thousands in bonus YuCoin, 100 Fitbit and Calm Annual subscriptions, More than 60 Fitbits, 1 million Avios Points for YuLifers, and more. YuLife's fun events are inspiring and they're brilliant in drawing more positive attention to the company, and for keeping its clients happy and satisfied with what they get from the company. YuLife goes the extra mile to provide healthy inspiration that encourages a larger percentage of its clients to get involved and participate. It's a one-of-a-kind business in this aspect.
16. YuLife has a $346 million valuation
According to Techcrunch, YuLife is not a unicorn status company yet, but it is well on its way to getting there. So far, with the profits, it has brought in and the venture capital funding raised by the startup, it has a valuation that is placed at $346 million. That's not bad for an insurance company that gives away high dollar amounts through its incentive programs. YuLife has formed its share of partnerships, but it pays a hefty sum in overhead. The bill is high for the purchase of the YuCoin vouchers and for sponsoring its mega gaming events. YuLife invests in its clientele and their well0being. It's a company that shows it cares with more than words. It takes physical action that results in a fun and inspiring events that draw huge crowds who are ready to get back to normal and enjoy outdoor social and physical activities.
17. YuLife has plans for expansion
The recent infusion of funding has made it possible for YuLfie to expand its current offerings. Leaders in its executive circle shared that YuLife is looking at building yet more products to offer on its platform. There are also plans to continue investing in technology that is used to run its service. We may see some positive changes shortly. So far, YuLife has made a positive impact on its clients and it is quickly becoming a disruptive force in the life insurance industry as not one of its competitors offers such a novel and welcome approach to insuring people against death and critical illness.
18. YuLife is privately held
You won't find YuLife shares listed on the public stock exchanges because the company is not there. YuLife remains a privately owned enterprise. The owners have kept control of the company and have not yet filed an IPO. Our research into strategic planning shows no indication that they will take this action, at least not any time soon. For now, YuLife accepts funding from private investors so it's not one that the average person will be able to invest in.
19. YuLife is a UK insurer
To participate in YuLife insurance plans, you must be a resident of the United Kingdom. The company is fully licensed and registered to operate in this country. It has not yet expanded into other parts of the world. It's not easy for the average person to subscribe either. YuLife serves organizations and provides them with options for providing life insurance options for their employees. YuLife does not sell its policies to the general public, but rather the businesses that have employees. You have to work for a participating employer to get in on the rewards.
20. YuLife has some big clients
YuLife serves some of the largest employers and their workers, in the United Kingdom. A few of their largest clients include Severn Trent and Soxedo, Havas Media, Curve, Co-op, Capital One, and many others. The latest figures show that YuLife provides coverage for $15 billion. Growth over the past twelve months has been ten times thanks to fear of death due to the pandemic. The outlook for YuLife's continued success, pandemic or not, is good. It is estimated that the market for the industry is about $2.2 trillion. So far, YuLfie has only cut a $15 billion piece of the pie with plenty of room left for continued growth, expansion, and market penetration.
Written by Dana Hanson
Read more posts by Dana Hanson