Health Insurance Disruptor YuLife Raises $119M to Expand InsurTech

London-based InsurTech startup YuLife has secured more than 117 million euros (about $119 million) in a Series C funding round to expand its global operations and scale its product range, EU-Startups.com reported.

Founded in 2016, YuLife applies behavioral science and a focus on risk prevention to its insurance model, according to the report. The YuLife app enables policyholders to complete everyday wellness activities in order to earn YuCoin — which can then be spent on rewards such as Amazon vouchers or donated to good causes. More than one-third of customers engage with the platform every day.

“Insurance has the potential to achieve tremendous social good,” said YuLife Founder and CEO Sammy Rubin in the report. “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.”

The round was led by Dai-ichi Life Insurance Company, a new strategic investor in the company, the report stated. There was also participation from YuLife’s existing investors, including Creandum, LocalGlobe, Target Global, Latitude, Anthemis, OurCrowd, Notion, MMC and Eurazeo.

YuLife’s latest funding round comes amid growing demand for a fresh approach to healthcare. From innovative insurance solutions to alternative delivery models such as telemedicine, startups are leading the way in transforming the sector.

Read more: Cutting-Edge Therapies and Telehealth Gain as More Seek New Mental Health Options

NUE Life Health, for one, is researching how the drug ketamine affects mental health. The powerful anesthetic has been found to have surprising positive impacts on mood and feelings, especially for those who don’t respond well to common antidepressants.

“We’ve helped 3,500 patients to date,” said NUE Life Health Co-Founder Juan Pablo Cappello. “About a third of our patients come to us treatment resistant. That means they’ve tried at least two or three antidepressants or anti-anxiety medications and they haven’t had positive results or had negative side effects.”