Micruity Leverages Technology to Optimize Retirement Savings
Grace Mahas — October 21, 2019 — Business
References: micruity & insurtechnorth
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.
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.
Trend Themes
1. Enhanced Retirement Planning - Micruity's use of cutting-edge technology enhances retirement planning to create robust products.
2. Pension-like Insurance Products - Micruity offers pension-like products without funding obligations by leveraging multiple life insurers and asset managers.
3. User-friendly Automation - Micruity's automation eliminates administrative hassles, making the retirement planning process user-friendly and efficient.
Industry Implications
1. Insurtech - Micruity's disruptive innovation in retirement planning aligns with the growing trends in the InsurTech industry.
2. Financial Services - Micruity's pension-like insurance products present disruptive opportunities within the financial services industry.
3. Retirement Planning - Micruity's technology-driven approach to retirement planning represents a disruptive innovation within the retirement planning industry.
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