The move marks the latest expansion for YuLife, which has already established a presence in the UK and the US with its financial services products.
YuLife’s Group Risk Protection offering includes life, income protection, lump sum disability, and funeral cover, along with a wellness app and trusted support services. The company’s innovative app allows employees to earn YuCoins, a virtual wellbeing currency, by completing various wellness activities. These YuCoins can then be used to purchase vouchers or contribute to philanthropic causes.
YuLife SA’s insurance policies will be underwritten by Guardrisk Life, South Africa’s largest life cell captive insurer specializing in tailored risk solutions. This partnership will provide YuLife with a strong foundation for offering comprehensive and reliable insurance coverage to South African businesses and their employees.
Commenting on the expansion, YuLife South Africa’s co-founder and managing director Jaco Oosthuizen 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.”
He added: “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.”
Editor’s note: Sammy Rubin, the Co-Founder and CEO of YuLife, participated as a confirmed panelist in a session at Insurtech Insights Europe 2024 in the session, titled “Entrepreneurship & Resilience: Exploring The Industry Through the Lens of a Founder & CEO”.
