Parento Launches Parental Leave Insurance with Joshu
From contract signing to go-live nationwide in under 100 days
MENLO PARK, Calif., Jan. 11, 2024 (GLOBE NEWSWIRE) — Joshu, the platform to build, distribute, and grow digital insurance products, is pleased to announce Parento, the only provider dedicated to expanding paid maternity and paternity leave, has successfully launched parental leave insurance on the Joshu Platform.
One of the most challenging and rewarding life events is bringing a child into the world, especially when both parents work full-time jobs. According to the Bureau of Labor Statistics, about 63 percent of family households in the U.S. have two parents working full time, but only 27 percent of private employees have access to paid parental leave. Currently, the Family and Medical Leave Act (FMLA) enables eligible employees to take up to 12 weeks of unpaid, job-protected leave. Only nine states and the District of Columbia have active Paid Family Leave (PFL) programs, with limited and restrictive eligibility requirements, and periods without pay. Not only are the guidelines very restrictive and confusing, the “unpaid” component can be financially burdensome to families.
Parento is reshaping the parental leave landscape by helping employers offer up to 16 weeks of gender-neutral paid parental leave, complemented by leave management and unlimited, high-touch parent support. The pioneer in paid parental leave insurance, Parento alleviates the financial and logistical pain points for employers with 10 or 10,000 employees. Using modern architecture and design, Parento brought this exciting new product into the market with unprecedented speed, and established a new go-to-market standard for managing general agents (MGAs).
“As Parento transitioned from a broker to a managing general agent, we needed a modern technology solution that positioned us to get to market fast today, but robust enough to handle our anticipated growth,” said Dirk Doebler, CEO and founder at Parento. “From signing the contract with Joshu, we were able to launch our parental leave insurance product nationwide in under three months and are now positioned to competitively advance our market position.”
Joshu, founded by insurtech experts, was purpose-built to empower insurance product owners and enable the rapid introduction of new programs to market. With Joshu, insurance companies can seamlessly transition from product creation to policy issuance on a single platform, embrace digital growth, uphold rigorous underwriting standards, and capture new markets.
“What makes Parento so special is the type of product they offer,” said Roy Mill, CEO and co-founder at Joshu. “Raising a family with two working parents in America, I know the importance of stable parental leave policies on a family’s well-being. We are proud to be part of Parento’s journey to expand the protection young families get across the U.S. Dirk and team have been tremendous partners with their focus, hard work, and collaboration.”
Joshu provides a comprehensive technology solution that expedites product development, streamlines underwriting processes, facilitates distribution, and full policy management.
About Parento
Parento is the only provider solving the paid leave crisis in the U.S. Parento created the first gender-neutral paid parental leave insurance, giving companies the ability to quickly and affordably offer one of the most demanded policies, with integrated parent support and leave administration. Parento’s program enables working parents to take the time they need to bond with their new children while reducing the impact of parenthood on their careers. Parento was founded by Dirk Doebler, a former CFO, and is backed by leading investors in social and care infrastructure including Springbank, Greenlight Re, Human Ventures, ffVC, and the Entrepreneurs Roundtable Accelerator. All policies are A.M. Best A-Rated and backed by global insurers and reinsurers. Learn more at parentoleave.com.
About Joshu
Joshu empowers insurers to launch online distribution channels quickly and independently. With Joshu, insurance professionals can set up their products and launch user-friendly portals, with less IT dependence. Founded by technology experts and insurance veterans, Joshu was designed to give insurance professionals the tools they need to harness digital distribution and go-to-market faster. Joshu is backed by top investors, Blumberg Capital, Engineering Capital, Correlation Ventures, Innovation Endeavors, and Sure Ventures. Learn more at joshuins.com.
Media Contact:
Jennifer Overhulse
St. Nick Media Services
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859-803-6597
