Breeze, a disability insurance company, has launched an income protection solution to help employers support working parents.
Founded in 2020 by Colin Nabity and Cody Leach, Breeze has built insurance technology that makes it easier to apply and underwrite supplemental insurance products like income protection and critical illness insurance.
The company offers consumers a completely digital way to quote, apply, and bind policies that offer protection in the event of cancer, heart attacks, strokes, and other medical conditions that can lead to a loss of income and cause financial trauma.
The product, Leave by Breeze, is a paid parental leave insurance solution aimed to help employers more easily provide their employees with paid parental leave from childbirth, adoption, or foster parenting.
Breeze said that just 19% of US workers currently have access to paid family leave through their employers. While the advantages of offering employees paid parental leave are clear, the InsurTech stressed that many employers lack the administrative capacity to budget, launch, and manage such a programme.
Breeze added that the US Department of Labor found 90% of working fathers said it’s important a prospective employer offers paid parental leave. Another study from Ernst & Young found 86% of millennials are less likely to quit if paid parental leave is offered as an employee benefit.
Colin Nabity, CEO & co-founder at Breeze, said, “As both a business leader and father of three, I’ve seen first-hand the need to rethink how we provide financial support to individuals and their growing families.
“Leave by Breeze enables us to provide income protection coverage during parental leave, and it coordinates with our employer-sponsored disability insurance plans.”
Earlier this year, Breeze closed a $10m Series A funding round led by Link Ventures with participation from Northwestern Mutual Future Ventures, Silicon Valley Bank, M25, Fiat Ventures and Invest Nebraska.
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