THE tech-driven financial services provider, YuLife, has announced its launch in South Africa. Officials believe the expansion to the continent’s most diversified economy marks a significant milestone as it seeks to redefine how people around the world derive value from financial products.

“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,” said Jaco Oosthuizen, YuLife Co-founder and Managing Director of YuLife South Africa.

He noted a big shift towards health and wellbeing in the workplace, with more and more companies adding new initiatives and resources to their employee benefits packages.

“YuLife is launching in South Africa to offer companies an easy way to provide extra protection. We’re looking forward to providing South African businesses and employees tangible value on an everyday basis in an accessible, engaging, and deliverable manner,” Oosthuizen said.

YuLife South Africa’s policies are underwritten by Guardrisk Life. It is rated the country’s largest life cell captive insurer and the market leader in tailored risk solutions.

“We are excited to be working together with YuLife to bring cost-effective insurance solutions to customers in South Africa,” said Herman Schoeman, Guardrisk Life Chief Executive Officer.

Founded in London in 2016, YuLife has achieved rapid traction in that insurance market. The company recently expanded into the United States, and now covers over 600 000 group policyholders across small to large businesses, with over $50 billion (about  R906 billion) of coverage in place.

– CAJ News