Rolling Meadows, Ill. (Aug. 5, 2020) – Canadian InsurTech Micruity has begun to establish itself as the demographic data clearinghouse for the $6 trillion 401(k) market. The need for Micruity comes from the need to make lifetime income accessible in the US equivalent of a Group RRSP plan, a 401(k) plan. With new lifetime income products being announced by firms like BlackRock, Wells Fargo Asset Management, and Lincoln Financial Group, there is a growing demand for a standard to communicate individual demographic data between a group plans administrator, a life insurer, and an asset manager. Micruity sits in the middle of these three stakeholders enabling each stakeholder to communicate with others through a single unique data pipeline to the platform.
Recently, the Retirement Income Journal, one of the foremost publications for US retirement professionals, wrote an article about Micruity, entitled “The Key to Turning On 401(k) Annuities”. In the article, retirement professionals with deep domain expertise spoke about the need for a central clearinghouse and standardization to grow this space.
To read the article and learn more about Micruity, please click here.
Since 2017, our focus has been to make pension-like insurance products accessible to mid-market individuals. We continue to build the infrastructure to make this possible. Our goal is to ultimately commoditize the life annuity making it as much a part of retirement preparation as a savings account. To learn more about the industry we work in, follow us on LinkedIn. For more information, please visit www.micruity.com.
- Learn more about Micruity in the InsurTech Spotlight.
Source: MicruityTags: InsurTech, InsurTech Spotlight, United States (USA)