YuLife in South Africa: a tale of innovation and impact
YuLife, the tech-driven financial services provider, made waves with its launch in South Africa in April 2023.
FAnews Editor, Rianet Whitehead, recently caught up with Jaco Oosthuizen, Co-Founder of YuLife, to discuss the company's journey and insights since its South African debut.
For those that don’t know, can you provide an overview of YuLife and its core offering?
Oosthuizen: Redefining insurance with wellbeing, engagement and rewards that inspire life for South African employees, our expansion into South Africa represents a pivotal milestone in our global journey. YuLife originated in the UK as an insurtech venture. I came across YuLife and I loved the concept so much that I decided to join the team in 2017.
Insurance isn't typically something that excites people; it's not the first thing on anyone's mind when they wake up in the morning. However, at YuLife, we're on a mission to change that. We envision a world where people are genuinely enthusiastic about their insurer, where insurance isn't just a necessity but an inspiring force in people's lives. To achieve this, we've combined three key elements: protection, engagement, and prevention. We prioritise meeting your insurance needs, particularly in the group risk space. Additionally, we've developed an innovative app to foster engagement, which I'll delve into further shortly. Finally, we integrate all three components to create a win-win situation for insurers, employers, and employees alike.
Our journey began with a mere concept and a blank piece of paper, but since then, we've experienced phenomenal growth. From raising £3 million in the UK in 2017 to expanding our reach to over 1 200 employer groups and 800 000 users, our impact has been significant. With investments totalling $206 million, including support from one of the world's largest insurers, we're poised for global expansion. Despite the challenges posed by COVID-19, we forged ahead, launching YuLife in South Africa and maintaining the highest engagement of any insurer worldwide. Our commitment to inspiring life through insurance remains unwavering, driving us toward a future where insurance is not just a necessity but a source of inspiration and empowerment for all.
Tell us about Yugi, your YuLife mascot.
Oosthuizen: Yugi, the giraffe, embodies our commitment to being an insurance provider with heart. Inspired by the land mammal with the biggest heart, we chose Yugi as our mascot, symbolising our dedication to lead with heart, nurturing relationships and adding value to people's lives.
In a heartwarming tale, we have our beloved Yugis crafted in Johannesburg and shipped worldwide. What makes this story even more special is that we've had the opportunity to support a local artisan, empowering her to establish a thriving business making Yugis.
Could you elaborate on the YuLife app and its unique features?
Oosthuizen: The app serves as our true differentiator, aiming to inspire individuals to lead their best lives. We take a holistic approach to wellness, addressing physical, mental, and emotional wellbeing. Drawing inspiration from the booming trend of mobile gaming in 2017, we sought to leverage addictive gaming behaviours to promote healthy lifestyles.
Collaborating with a game designer experienced in popular mobile games like Candy Crush, we created a gamified experience within our app. Users embark on a journey through different worlds, earning Yucoin along the way. Upon entering our universe, users create their virtual persona, known as their Yumoji, allowing for customisation and personalisation.
Not stopping there, we also gamified insurance products, providing users with transparency and accessibility to their policies. With features like viewing policy documentation and managing beneficiaries, we've streamlined the insurance process.
Our app's simplicity is its strength; there's no need for manuals or complicated instructions. It's designed to be intuitive, and accessible to users of all ages. We prioritise user experience, ensuring a seamless and joyful journey within the app.
In addressing the wellbeing crisis, particularly highlighted by the COVID-19 pandemic, our app consolidates wellness initiatives into one platform, providing a comprehensive view.. This consolidation enables organisations to measure the return on investment more effectively, with independent parties reporting a remarkable 181% return on investment.
With nearly 50% of users engaging with the app daily, it rivals social media platforms in engagement. Beyond insurance, our goal is to add tangible value to users' lives daily, making a meaningful difference in their wellbeing.
Are users quick to adapt to the app's interface and functionalities, or does it take time for them to become accustomed to it? Additionally, does the app cater differently to employees based on their skill levels, considering it's an EB offering encompassing various roles within a company?
Oosthuizen: Absolutely! The intuitive design and gamified elements make the app incredibly user-friendly. We've seen users from diverse backgrounds embrace the app immediately and engage with it effortlessly. Let me illustrate with a story. During the implementation phase, we had a warehouse employee download the app. Surprisingly, before we completed the setup, they had already earned enough Yucoin to make a purchase in our rewards store. This immediate gratification highlights the app's user-friendly nature and its ability to provide instant value.
Our motto, "wellbeing every day for everyone," encapsulates our ethos. We prioritise inclusivity, aiming to support users at every level of engagement. Whether they're top-tier employees or just starting their wellness journey, our app encourages progress through small, meaningful steps. Drawing inspiration from books like "Atomic Habits," we leverage gamification to instil positive habits and foster improvements in users' wellbeing.
Can you share some key developments at YuLife since its South African launch?
Oosthuizen: We've surpassed our initial traction expectations, although some individuals are still in the process of evaluating our offerings. Additionally, our sleek new administration system frees us from any legacy constraints.
Moreover, we're exceptionally competitive in terms of pricing, further solidifying our position in the market. Our success is also attributed to our esteemed partners, including Guradrisk, Munich Re, and RGA, who have played pivotal roles in our market entry.
Furthermore, we're seeing support from both traditional and early adopters, with many brokers embracing our innovative approach. This widespread endorsement underscores the growing recognition of our value proposition within the industry.
Did YuLife receive the response you were hoping for in South Africa?
Oosthuizen: We've received an overwhelmingly positive response, with brokers and employers expressing enthusiasm for our offerings. However, we recognise that some may hesitate due to familiarity with their current providers. Despite this, we're committed to showcasing the superiority of our system, app, and services.
Individuals need to understand that technology evolves rapidly, and our company is dedicated to continuously enhancing our offerings over time. In the Employee Benefits (EB) space, service is paramount, and we've addressed key issues such as streamlining underwriting processes in the group risk space.
Our successful track record speaks for itself, with high conversion rates and competitive offerings that have resonated with clients. We welcome brokers to engage with us and discover the value we can bring to their clients' needs.
Looking back, do you have any highlights to share?
Oosthuizen: We've achieved remarkable success in an impressively short timeframe, establishing a cell captive in South Africa and introducing six innovative insurance products to the market. None of this would have been possible without our exceptional team, and I'm immensely proud to be part of our journey in South Africa.
It's truly gratifying to witness the positive impact our proposition is having on people's lives. Knowing that we're making a tangible difference reinforces our commitment to driving meaningful change and our innovative approach to employee benefits has set us apart in the industry.
Any final message for the FAnews audience?
Oosthuizen: We’re thrilled with the positive reception to our proposition, and I urge brokers to join us in forging mutually beneficial partnerships to create our win-win for clients. In the Employee Benefits (EB) space, innovation and disruption have been scarce for some time. However, our proposition represents a paradigm shift, moving the conversation from mere pricing to genuine value.
This shift provides brokers with a unique opportunity to revisit existing clients and engage with new ones, offering fresh propositions that emphasise the tangible benefits our solutions bring. By aligning with us, brokers can differentiate themselves in the market and attract clients seeking innovative and value-driven solutions.
More than just life insurance - view the video below:
https://youtu.be/LUNifTxTmqg
