Pendella Technologies, a fast-growing technology company on a mission to take the bias out of life insurance, and PayDay Employer Solutions, a boutique payroll company servicing small-to-medium sized businesses, will expand access to individual life insurance protections to more than 30,000 employees nationwide through a new partnership.
Pendella’s white-labeled, embedded insurtech platform will be linked to in PayDay’s employee portal, giving its 3,000 employer clients the ability to offer their employees affordable life insurance coverages from top-rated national providers.
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PayDay is a family-owned company based in New Jersey and New York that provides traditional payroll and HR services to SMEs, including workers’ compensation, time tracking services, pensions and benefits. Through Pendella’s AI-powered underwriting technology, PayDay will offer employees the ability to easily compare, quote and buy individual life insurance protection in minutes – without the need for a medical exam.
Awareness of the need for individual life insurance is growing, thanks in part to the pandemic. Policy sales are also increasing as a result, with total life insurance premium up 20% in 2021, the highest annual growth since 1983, according to financial research firm LIMRA. Still, LIMRA notes more than 100 million Americans are currently either under or uninsured when it comes to life insurance coverage.
“At PayDay, we are committed to doing what is best for our employer clients and that means ensuring their employees have access to critical benefits,” said Renee Deal, PayDay president and partner. “We are excited to work with Pendella to add another valuable tool to our offerings that also helps people protect their most important assets.”
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“PayDay is a forward-thinking company that understands our mission of bringing the financial protection of individual life and disability insurance to all people,” said Pendella CEO and Founder Bob Gaydos. “By working together, we are taking a huge step forward in closing the life insurance protection gap, and we are excited to add them to our growing list of outstanding partners.”
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