YuLife, an InsurTech firm, has raised $120m from a Series C funding round headed by Dai-ichi Life Insurance Company.
According to Finextra, YuLife’s life insurance offering enables policyholders to complete everyday wellness activities in order to earn YuCoin, which they can use to buy gifts for themselves, friends or family, or to donate to charity.
The company claims that over a third of YuLife customers engage with the company every single day, compared to once a year for the average insurer. The firm now covers more than 500,000 policyholders across small to large businesses, with over $50bn of cover in place.
Yulife will use the funding to broaden its reach into new global markets and scale its product range.
YuLife CEO Sammy Rubin said, “Unusually for financial services, our product creates a deep alignment of interests between the insurer, the company and the individual.We believe that wellbeing must be holistic, and we are committed to building a global financial services brand that can change the lives of millions of people across the world.”
Sydney-based insurance startup Upcover recently raised $4.7m in a seed funding round to further its mission to simplify insurance for Australian small businesses.
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