Micruity, a new insurance provider recognized as being one of five 'Startups to Watch' by InsurTech North, set itself apart with cutting-edge technology that enhances retirement planning to create robust products. The company leverages multiple life insurers and asset managers to provider pension-like products without funding obligations. Moreover, thanks to its automation, there are no administrative hassles making the process user-friendly and efficient.
Micruity targets registered defined contribution plans in Canada and 401 (K0 retirement savings plans in the United States and was born from a need to mitigate the investment risk for employees who do not actively manage their retirement savings. “When somebody is enrolled in a plan and doesn’t make a selection, we want to be that default option. Ideally, a fund that de-risks you as you approach retirement so that you are not sitting on 100% equities and the market crashes when you are 64 years old,” says Trevor Gary, founder and CEO of Micruity.