Company: Vita Assure
Website: www.vitaassure.com
Business Category: An insurance practitioner (insurer, MGA, broker, agent)
Maturity Status: Startup (less than 3 years since product went into production)
Product or Service: Deductions & Taxable Benefits Calculator
Area: Life & Health Insurance
Vita Assure is a full service brokerage and consulting firm specializing in employee benefits for small and medium size businesses located in Canada. We provide tailored solutions that enhance the value of benefits programs, including group insurance, group retirement savings, wellness and non-traditional benefits. We go beyond the typical brokerage services with personalized advice for the workplace, customer-centric support and value-added software tools.
We are always exploring how to innovate insurance brokerage via technology and digital platforms.
What makes us an InsurTech:
Vita Assure has drawn on our experience in insurance brokerage to create a user-friendly web application that instantly calculates employee contributions and taxable benefits deriving from group insurance plans. The tool is not only great for simulations during the employee on-boarding process but also streamlines the setup of payroll deductions. Our innovative tool replaces outdated insurer applications and allows businesses to generate reports anytime – no need to wait until the end of the period for a report, or request intervention from the broker or insurer. Our software also has controls embedded that avoid user errors often encountered when using spreadsheets and allows multiple users to collaborate and interact with the reports (accounting, payroll and HR).
In addition, our algorithm optimizes the distribution of premiums based on the benefits included in the group insurance plan and cost sharing parameters thus saving the employees money.
As we grow the platform, insights related to a company’s group insurance plan will be integrated in the application as well as a total compensation statement module to allow HR to showcase an employee’s true compensation in an easy-to-understand, interactive and engaging manner.
Major features & technology used:
Vita Assure’s software is built with the latest technology solutions offering a responsive experience on a variety of devices (desktops and tablets). Our platform utilizes a cloud infrastructure for optimal security, scalability and accessibility.
Our proprietary algorithms allow for optimized distribution of premiums and allows report generation to be completed in real-time. Predictive analytics is being used to power our insights engine that will help businesses budget premium increases over time.
Our simulator allows plan administrators to provide an employee with a handout illustrating 2 different benefit plan scenarios. Employees can then compare coverages, as well as their payroll deductions and taxable benefits between 2 scenarios.
About Vita Assure
As today’s workplace is dramatically different than even just a decade ago and continues to evolve, employee benefit programs and group insurance professionals have not kept up with the pace. Vita Assure is here to revitalise your employee benefits experience by not only offering rates but great support and technology-enabled solutions.
Through our quest to offer added value to our clients, we built an online calculator to generate reports detailing employee contributions and taxable benefits related to group insurance. After great feedback from our clients, we have now launched it to all businesses.
For more information regarding our online calculator, visit deductions.vitaassure.com or send an email to [email protected].
Source: Vita Assure
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