Simplicity acquires Plum Life
Financial product distribution firm Simplicity Group Holdings has acquired Plum Life, a NJ-based life insurance startup that raised nearly $8 million.
With the acquisition, Simplicity is introducing Simplicity LifeLink, a life insurance sales platform for agents that “transforms and expedites the way insurance is purchased.” The platform will be available to Simplicity’s independent agents, affiliated agencies, and contracted financial institution clients. Simplicity LifeLink will continue to serve Plum Life’s existing agents.
Plum Life’s co-founders, Manish Bhatt, Sanjay Mehra, Rahim Rajpar, and Amir Weiss, have become Simplicity’s newest partners.
Founded in 2020, Plum Life launched to offer agents a digital selling experience. The startup partnered with SBLI to offer coverage.
“To expedite the delivery of holistic financial advice, Simplicity has long known that simplifying and automating the delivery of the one financial product that everyone needs was a critical path item to help customers successfully navigate the intersection of wealth accumulation and financial protection. With the launch of Simplicity LifeLink, Simplicity positions its financial advisory clients to deliver the best service and best products in a way that is easy to understand and even easier to execute. Today, too many Americans are uninsured or under-insured. Simplicity now paves the way for these Americans to protect their family and loved ones more easily. Simplicity LifeLink gives our agents the best tool to address this insurance shortfall and the opportunity to assist these American families with the delivery of sound, integrated, and automated holistic financial planning. We are thrilled to take this important step ahead and, at the same time, welcome Manish, Sanjay, Rahim, Amir and their team to the Simplicity Partnership.” – Bruce Donaldson, President and CEO of Simplicity.
“We are honored to partner with Simplicity to develop LifeLink, an agent-first, life insurance technology platform that simplifies an agent’s sales process and allows them to focus on their client relationships. Simplicity LifeLink is committed to reimagining how insurance is purchased and offers a simple user interface, customized for agents, and allows our agents to run and compare quotes from a number of life insurance providers. Simplicity LifeLink’s agents can also share this information with clients in one click, and confidently answer questions and recommend solutions.” – Manish Bhatt.
