Insurtech Pendella Technologies Launches Simploy’s Custom-branded Individual Life Insurance Solution in 90 Minutes
Pendella Technologies, a fast-growing technology company bringing innovation to life, deployed a fully digital custom-branded individual life insurance solution for Simploy, Inc. in record time, after just three 30-minute partner meetings.
Professional employer organization, Simploy, has been simplifying employment for small-to-medium sized businesses across the United States since 1989 by providing big-company HR solutions. Simploy recently partnered with Pendella Technologies to carry on their commitment of providing best-in-class benefits, technology, and service to the thousands of employees they serve.
“As a PEO, we’re always looking for the best benefits for people,” said Chassie Smith, Director of Operations for Simploy. “Finding a solution where we could make an offer of coverage for certain types of benefits, like life insurance, with minimal impact on our internal steps and minimal hand touching was a game-changer.”
Through Pendella’s AI-powered, white-labeled technology, Simploy’s clients can expand their employee offerings to include individual life insurance—a must-have supplement to any group life or voluntary life insurance benefit.
Simploy was attracted to the idea of partnering with Pendella in part because of the competitive advantage of having an individual life insurance platform completely branded to Simploy and the ease of implementation. According to 2021 data from financial research firm LIMRA, more than 8 in 10 workers in the U.S. would like their employer to offer life insurance coverage. There are currently 106 million American adults in need of coverage or underinsured.
“Employer-sponsored group life insurance was never meant to be the sole source of life insurance,” said Bob Gaydos, CEO of Pendella Technologies. “The majority of group life insurance is not portable and coverage limits are generally below the full needs of the employee,” he continued. “We should no longer bring only traditional employer-sponsored benefits to employees—it’s not enough and our technology empowers companies to easily do more.”
Pendella’s solution was designed to simplify the process of providing important financial protection to employees. To demonstrate the ease of implementation, Pendella published a case study to show the steps taken by Simploy to launch their new custom-branded individual life insurance solution. The case study can be downloaded for free by visiting peo.pendella.com.
“What PEOs look for in hiring a tech partner is what clients look for in hiring a PEO—reputation, track record, reliability, and integrity to the company and product,” said Pat Cleary, President and CEO of the National Association of Professional Employer Organizations (NAPEO) and who was interviewed as part of the study.
Pendella is an Associate Member of NAPEO and has partnered with several PEO’s over the past few months as part of its mission to close the life insurance protection gap, including Advanstaff HR, Spirit HR, Employ Source, Simploy, and PEO Partners. The startup recently completed a $5.2 million in Series Seed-2 funding with backing from prominent insurtech venture capital firms American Family Ventures and MassMutual Ventures. The funding round positions Pendella to continue its disruption of the life insurance market.