PlanGap develops a suite of Social Security protection products that enable insurance carriers to offer policies addressing the risk of reduced Social Security benefits due to government actions. By providing customizable actuarial designs and claims management solutions, PlanGap empowers insurers to enhance retirement security for their clients.
Funding
$13.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many Americans fear that Social Security benefits may be reduced or cease to exist during their retirement, creating uncertainty around their financial security. Traditional insurance products have not specifically addressed the risk of Social Security benefit reductions due to government actions or policy changes. This leaves a significant gap in retirement planning and exposes individuals to potential income shortfalls.
Solution
PlanGap develops Social Security protection products that enable insurance carriers to offer policies addressing the risk of reduced Social Security benefits. PlanGap provides customizable actuarial designs, claims management solutions, and predictive data analytics, empowering insurers to enhance retirement security for their clients. These solutions can be implemented as standalone policies or integrated into existing life or annuity products as features or riders. PlanGap's offerings help insurance companies meet the evolving needs of retirees and provide peace of mind regarding their retirement income.
Target Audience
PlanGap's primary customers are insurance carriers and reinsurers seeking to offer innovative retirement solutions that protect against Social Security benefit reductions. They also target financial advisors looking to provide comprehensive retirement planning services to their clients.
Features
- Customizable actuarial designs for Social Security protection products
- Claims management solutions to streamline the handling of claims related to Social Security benefit reductions
- PlanGap Advisory System to stay informed of Social Security changes and receive carrier guidance
- Intelligent and predictive data analysis to help insurers make informed decisions
- API for portal development to integrate PlanGap data into existing systems