Global InsurTech YuLife joins the ranks of purpose-led businesses and becomes the first Group Risk Insurance Provider to certify as a B Corporation.
LONDON, May 31, 2023 /PRNewswire/ -- YuLife, the tech-driven financial services company on a mission to inspire life, today announced its certification as a B Corporation (B Corp), joining a growing group of companies reinventing business by pursuing purpose as well as profit. YuLife has been certified by B Lab, the nonprofit behind the B Corp movement, as having met rigorous social and environmental standards which represent its commitment to build a more inclusive, equitable and sustainable economy enabling individuals to live happier, healthier lives.
Since its foundation, YuLife's mission has been to transform insurance into a force for good and inspire people to live their best lives. The company achieves this by changing the nature of group insurance and turning traditional insurance and employee benefits into a suite of wellbeing benefits that empower employees and businesses to be healthier and happier. Through technology, YuLife incentivizes members to make proactive lifestyle changes by rewarding wellbeing, while also de-risking individuals through healthy activities.
YuLife's app enables employees to complete everyday wellness activities like walking, meditation and cycling in order to earn YuCoin, YuLife's virtual well-being currency, which can be converted to buy groceries, vouchers and discounts from leading brands or for ESG purposes to improve the world through planting trees, ocean cleaning and donating to charity. Attaining B Corp Certification is the next step in the company's commitment to accountability and transparency in how it helps its members create a more resilient, productive and innovative workforce that is well positioned for the future.
"When we launched YuLife six years ago, we wanted to create a different kind of insurance business - one that can act as a powerful force of good in the world," said Sammy Rubin, CEO and Founder, YuLife. "That's why we're so thrilled to be the first group risk insurance company to join the B Corp community. It is heartwarming to join this growing community of businesses with purpose at their core - we look forward to others joining us in this meaningful journey."
YuLife is now part of a community of 6,810 businesses globally who have certified as B Corp. The B Corp community in the UK, representing a broad cross section of industries and sizes, comprises over 1,400 companies including well-known brands such as The Guardian, innocent, Patagonia and The Body Shop.
Founded in 2016, YuLife has grown rapidly in an industry lacking in innovation. The company covers more than 500k policyholders across small to large businesses, with over $50bn of coverage in place. YuLife has seen more than 5x growth in premiums year-on-year, and in July 2022 raised a £95M ($120M) Series C led by Dai-ichi Life, bringing the total funding amount to $206M.
About YuLife
YuLife is a tech-driven financial services brand on a mission to inspire life and turn financial products into a force for good. By harnessing the power of technology and the latest behavioural science, YuLife's insurance model focuses on risk prevention, not just claims compensation. The company is transforming the employee benefits market by rewarding employees for healthy living, supporting mental, physical and financial wellbeing and helping foster healthier, happier and more motivated teams. Founded in 2016, YuLife is headquartered in London and backed by global insurers and venture capital. https://www.YuLife.com/
YuLife Media Contact
Ben Crome
Headline Media
ben@headline.media
07481 249328
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