AARP partnership brings new customers to technology start-up Prisidio
Co-founder of Naples-based company discusses the organization’s mission
Prisidio offers a cloud-based vault to store, organize, and share essential documents and information. Co-founder Glenn Shimkus sat down to discuss the Naples-based company on Wednesday.
Jonah Hinebaugh, Naples Daily News
- Naples-based startup Prisidio has partnered with AARP to offer its members a “digital vault” service.
- The cloud-based platform allows users to securely store and share vital information like wills, titles and insurance policies.
- AARP members receive discounted rates for the service, which aims to help with disaster preparation, caregiving, and protecting legacies.
- The partnership is expected to significantly grow Prisidio’s user base, tapping into the large market of Americans over 50.
A Naples-based start-up has hit the national stage.
The company, known as Prisidio, has entered into a unique partnership with AARP (formerly known as the American Association of Retired Persons).
Through the partnership, AARP offers its members access to Prisidio’s “digital vault,” at discounted rates.
The cloud-based platform provides a secure place for people to store and organize confidential and vital information, which they can share digitally with those who are “central to their lives,” said Glenn Shimkus, Prisidio’s co-founder and CEO.
That confidential and vital information might include wills, titles and deeds, insurance policies, vaccination records, and marriage certificates.
“In the world we live in today, it’s scattered everywhere,” Shimkus said of the personal information. “It’s physical. It’s digital. When we want to share it, we can’t.”
That’s where Prisidio comes in, as “home central” to the information of life. The stored information could range from a simple copy of a driver’s license or insurance card to a comprehensive family or financial history. It could include a list of valuables, with their location and worth, from bitcoin to art.
Prisidio can be accessed through your phone or computer. Most interactions are through the mobile app.
Through Prisdio’s new partnership with AARP, the association’s members can get the limited – or “essentials” – plan for $20 a year, or an unlimited one for $95 a year.
The cost of an unlimited plan usually runs $150 annually, or $16 monthly.
One of-a-kind partnership
In 2022, AARP chose Prisidio as one of its AgeTech Collaborative participants, giving it access to hands-on mentorship and support to help fuel its growth in support of seniors.
The relationship grew from there.
AARP did a small-scale trial with its members, which went well, then evolved into a formal partnership.
“It’s a one-of-one partnership, and it’s just really a wonderful partnership for us,” Shimkus said.
The AARP Digital Vault, powered by Prisidio, launched quietly in March. Marketing efforts picked up in July, with an official announcement of its availabiltiy by AARP, via a press release.
An article about how to use the technology appeared in the September/October issue of the AARP Bulletin. The bulletin has a readership of more than 33 million a year.
Unlike other AARP partnerships, this one is with the “mothership,” not with its for-profit subsidiaries that help fund its social mission, Shimkus said.
“They really believe this is a very important need for their membership,” Shimkus said. “It’s something they’ve never done before.”
Prisidio’s goal is to address needs central to its users’ lives, including:
- Disaster preparation and recovery
- Caregiving
- Fraud prevention
- Protecting family legacies
Potential for growth
The market potential for the platform among seniors is huge, with more than 122 million people over the age of 50 in the United States alone – and baby boomers set to pass on more than $68 trillion to $84 trillion to their heirs, the biggest wealth transfer in U.S. history.
There is an estimated $70 billion in unclaimed assets held by state governments nationwide, with the lack of documentation playing a big role, Shimkus noted.
Additionally, recent estimates suggest that about $2.1 trillion is held in “forgotten” or “left behind” 401(k) retirement accounts.
Through the partnership with AARP, Prisidio is reaching more people, giving them an avenue to protect and preserve their family wealth with ease.
The company is on track to add thousands of AARP members to its digital vault this year, with the expectation of more than doubling its number of users by 2026. Since the partnership with AARP began, metrics have grown anywhere from 400% to 600%, based on the number of users logging in, adding documents, and inviting people into their vault, Shimkus said.
The biggest challenge Prisidio faces is “inertia,” with many people choosing to do nothing or procrastinating, Shimkus said. The platform, he said, is designed to simplify the effort, so people don’t have to give up their nights and weekends to be safe and organized.
“You can get started today. You can do it in short increments, in 10- or 15-minute increments, and more importantly, with everything you do, both you and your family are better off,” Shimkus said.
Store information is categorized under things, places, people and documents. Entering it could be as simple as taking a few photos or recording a video with your phone to create a personal record.
Innovation remains in focus
Prisidio remains small, with 15 full-time employees, and a few contract employees, but it continues to raise money and to innovate, as it looks to grow.
The platform will soon incorporate artificial intelligence, making it more intuitive and even easier to use, Shimkus said.
Interestingly, Prisidio’s investors include a few celebrities, such as actor Donnie Wahlberg and reality TV star Kyle Richards.
Meanwhile, Chris Harrison, former host of the The Bachelor franchise, has been tapped as a chief advocate to help spread the word about Prisidio.
In a statement, Harrison said: “The most important thing in my life is my family. I’m always searching for ways to best take care of them. Prisidio allows me to provide them with every important detail they might need in the case of a tragedy or just for day-to-day life.”
Prisidio launched in October 2020, following two years of research and development.
The company is the fourth startup for Shimkus, a Chicago native. All of his ventures have centered around document and content management, but this is the first one he’s developed that’s aimed at consumers, rather than businesses or professionals.
DocuSign, a pioneer of the eSignature, acquired his last enterprise Cartavi in 2013. Cartavi is an online document management and sharing service designed specifically for real estate professionals and their clients.
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