NEW YORK, Sept. 22, 2020 /PRNewswire/ -- Parento, Inc. (Parento), the only private sector provider dedicated to expanding paid maternity and paternity leave, announced today the launch of the insurance industry's first comprehensive paid parental leave program. Powered by Boost Insurance, Parento makes it affordable for companies to give new moms and dads the pay and support they need to adjust to life as working parents while filling a critical need that keeps valued employees on staff.
"Data shows that more than a third of women quit their jobs after having a child if they don't have paid parental leave, and too many companies that do offer parental leave programs are out of compliance with regulations by failing to offer leave to fathers too," said Dirk Doebler, Parento's founder and CEO. "Our parental leave program gives new parents the resources and guidance they need to make the transition successfully while reducing companies' legal exposure and providing one of the most powerful employee retention tools."
Whether through birth, adoption or foster care, adding a new family member is one of the most important and yet common life events. But less than 20% of employees have access to paid parental leave, and the median length of that leave is only three weeks. Companies understand the value of parental leave, but until now, there was nothing available to help them offer it, and many businesses lack the administrative capacity and financial resources to manage a program.
Parento addresses each of these challenges. Available as one of the insurances employers can request through their broker, Parento is an entirely new category, created and managed in collaboration with Boost Insurance. Employers can offer from six to 16 weeks of paid parental leave in standard or customizable packages with 1-on-1 support for current and new parents. Employees receive coaching that helps them with the transition and eases their return to work or manage the day-to-day challenges of working while parenting.
"The COVID-19 crisis was a wake-up call for many employers, who now realize that the policies and programs they offer don't address the daily challenges working parents face," Doebler observed. "A well-designed parental leave program can increase employee tenure by up to 15%, and Parento's holistic approach addresses the financial, emotional and logistical challenges parents face when returning to work, which can decrease new parent attrition by more than 75% in the first year."
Parento can help companies advance workplace equality goals by giving new parents tools to keep their careers on track while bonding with a new family member. Doebler notes that it's impossible to achieve workplace gender equality without addressing one of the main obstacles: lack of paid parental leave and inadequate support. He also noted that new fathers are unlawfully left out of some companies' parental leave programs, and recent court cases established precedent against unequal treatment.
"As a society, we discuss the need for paid parental leave regularly, but private market solutions to enable it didn't exist until now," Doebler said. "We're excited to provide companies with the tools they need to expand access to parental leave. We're proud to work with Boost Insurance, which was instrumental in helping us create a completely new insurance to solve this massive societal issue. Without their vision and expertise, our insurance and program couldn't exist."
Parento offers turnkey and custom solutions with coverage for any size company, ranging from 25 to 10,000 employees. The insurance is now available in Texas, Illinois, Arizona, Colorado and Virginia. The company plans to expand coverage into other states soon. Find out more at www.parentoleave.com.
Parento is the only provider dedicated to expanding paid maternity and paternity leave. In partnership with Boost Insurance, Parento created the first insurance built for paid maternity and paternity leave. Parento's Paid Parental Leave Program gives companies the ability to quickly and affordably offer one of the most demanded policies to their workforce, inclusive of insurance and new parent support and coaching. Parento's program enables women and men to take the time they need to bond with their new children while reducing the impact of parenthood on their careers. All policies are A.M. Best A-Rated and backed by global insurers and reinsurers.
Parento was founded by Dirk Doebler, a former CFO, and is backed by leading investors including, Entrepreneurs Roundtable Accelerator.
About Boost Insurance
Boost Insurance powers white-labeled digital insurance programs for leading technology companies and emerging startups. Building on Boost enables companies across all segments to offer modern insurance products through a fully embedded experience within their own front-end environments. Boost's infrastructure-as-a-service platform significantly reduces the cost of building and managing an insurance company by packaging the necessary operational, compliance, and capital components and making them accessible through a simple API integration. Boost's partners build enterprise-level insurance businesses while focusing on exceptional digital customer experience and product innovation. Boost handles the rest in the background by automating all policy and claims admin workflows on their behalf - from quote to purchase to claim and beyond. Boost Insurance Agency, Inc. is licensed to produce any commercial or personal line of P&C insurance across all 50 states and creates 'A'-rated products that are built for the modern world and fully backed by global leaders across the industry. For more information, please visit www.boostinsurance.io.