Securian Financial, which offers insurance and retirement solutions, has acquired Enspire, an employee communication and engagement platform headquartered in Austin, Texas.
Securian Financial’s Houston, Texas-based benefits administration subsidiary, Empyrean Benefit Solutions, will acquire Enspire.
Securian Financial acquired Empyrean in 2019. Founded in 2006, Empyrean has more than 700 employees working at its Houston headquarters and in offices in Nashville and Minneapolis. More than 400 employers and 5 million participants use Empyrean’s platform.
Securian Financial is the third-largest direct writer of group life insurance in the United States and also offers group accidental death and dismemberment (AD&D) and supplemental health insurance products to employers nationwide.
The acquisition is expected to bolster Securian’s insurance and retirement solutions. Empyrean will add an expanded people-centric dimension to its innovative benefits administration technology and compassionate support services.
Called +YOU, the new solution integrates Enspire’s employee communication and engagement technology with Empyrean’s benefits administration platform to become a fully customisable and employer-branded people experience.
Sid Gandhi, Securian financial executive vice president of employee benefits solutions and Empyrean board chair, said, “This acquisition will accelerate Empyrean’s mission of connecting benefits and enriching lives while helping clients build their own culture through benefits.
“Enspire and Empyrean’s capabilities are an important part of Securian Financial’s broadening set of solutions for employers’ benefits programs, including group insurance and voluntary benefits as well as enrolment and engagement.”
Last year, Retirable, a holistic retirement solution with the ongoing care of an advisor, raised an additional $6m in seed funding and launched a retirement income and investing offering.
The company offers ongoing management from a fiduciary advisor to help clients spend retirement income efficiently, make savings last, and navigate key decisions throughout retirement.
The $6m funding round was led by Primary, with additional investments from Vestigo Ventures, Diagram, Portage and Primetime. The round brings the total Retirable has raised to $10.7m.
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