Business Category: A technology provider of InsurTech tools to insurance practitioners
Maturity Status: Startup (less than 3 years since product went into production)
Product or Service: Annuity Data Clearing and Validation
Area: Life & Health insurance
We’re partnering with life insurers and fund managers to transform the way employees save for retirement. We aim to be the unbiased, central clearinghouse to provide the real-time and secure data exchanges needed by plan sponsors and recordkeepers to add life annuities to their defined contribution plans.
What makes us an InsurTech:
Micruity provides a platform that connects life insurers, fund managers, and defined contribution plan administrators. Our platform acts as a data clearinghouse to support all aspects of the life annuity life cycle – clearing data for transactions, capturing and verifying information needed to initiate a contract, and aggregating payout functions.
Major features & technology used:
Micruity’s infrastructure is hosted on the AWS cloud-computing platform (S3, API Gateway, Route 53, EC2, Lambda, SQS, Step Functions, EventBridge, Amplify, etc.) and takes full advantage of AWS’s scalability and high-security IAM access controls. All data is captured, cleared, and run from the same connection points, meaning each stakeholder only sends and receives data to-and-from our platform in a single format through a unique secure pipeline. Micruity uses standardized data interchange methods such as APIs and secure file transfer. Micruity can support clients in our environment or generate a new unique environment for additional security.
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.
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