Yalu Seeks To Bring Innovative Change In The Insurance Industry
Yalu Seeks To Bring Innovative Change In The Insurance Industry. Yalu is a new life insurance provider aiming to provide the most affordable, transparent and rewarding products and services to the South African consumer. Even the biggest river begins as a small stream. And as a small stream, Yalu plans to become a powerful torrent, giving life to all around it as it grows. It is ready to carve new paths and bring new life into the insurance industry. Yalu is black owned and its founding team has over 20 years of insurance industry experience, combined with superior technology expertise.
The company was founded on the simple principle of “doing right by our customers”. This makes the company an ideal challenger to shake up this outdated sector. It is looking for eager, passionate, hungry individuals who are dedicated to challenging the status quo. Individuals who think bigger and do better, individuals who will help it grow its stream into a river and to deliver on its founding principle. This South African insurance brand is ready to make waves, ready to challenge, and ready to disrupt the industry.
Nkazi Sokhulu founded the credit life insurance provider in 2017 with COO Tlalane Ntuli and the insurtech launched operations in 2018. Yalu’s Credit Life Insurance Plan, which is underwritten by Old Mutual Alternative Risk Transfer, currently covers over 10 000 customer credit facilities. Sokhulu said the start-up’s product covers over R500-million in outstanding credit facilities, or 0.25% of SA’s life insurance market. “Currently we can save Yalu customers an estimated R65-million in premiums over the lifetime of their policies,” Sokhulu told Venture Burn.
He also revealed that Yalu is working on launching credit life insurance cover for home loans and vehicle loans. Sokhulu explained that once Yalu launches credit life insurance cover for home loans and vehicle loans the insurtech will be in a position to cover all major forms of bank issued debt. “Beyond this, we are looking to diversify our product offering beyond credit life insurance within the long term insurance space,” Sokhulu added.
