Assurant Partners With Deposify to Offer Property Managers a New Approach to Managing Traditional Security Deposits
September 04 2019 - 8:00AM
Business Wire
Partnership Further Positions Assurant as the
Industry’s Leading Provider of Risk Management Solutions
To continue to support the multifamily housing market with
innovative end-to-end risk management solutions, Assurant,
Inc. (NYSE:AIZ), a global provider of housing and lifestyle
solutions that support, protect and connect major consumer
purchases, announced today a new partnership with
Deposify, a European fintech company, that has
developed an industry-first technology solution for managing
refundable cash security deposits.
As a result of this partnership with Deposify, Assurant’s
property management clients will now have access to a cash security
deposit management platform that simplifies the financial and
operational process and mitigates the risks associated with
traditional cash security deposits. Deposify’s technology platform
also helps keep property managers compliant with each state’s
security deposit laws and regulations by creating joint trust
accounts that pay interest. Currently available in the Northeast,
the service will be rolled out nationally in the coming months.
“Managing traditional cash security deposits is an incredibly
inefficient process that places considerable burdens on landlords,
property managers, brokers and tenants,” said Steve Hein, senior
vice president of Multifamily Housing at Assurant. “Our partnership
with Deposify will help drive time and cost savings for property
managers by using Deposify’s innovative technology solution.”
Hein added that the partnership with Deposify positions Assurant
as the only provider to offer a total deposit solution for property
managers. “We now can provide property management companies with a
comprehensive solution to help reduce the administrative hassle of
managing traditional deposits, along with deposit alternatives that
give prospective tenants options at move in. This offering enables
us to meet the different needs of multifamily property managers and
owners,” he said.
Before Deposify, managing cash security deposits was complex and
costly, especially when managing large numbers of properties in
multiple states. The Deposify platform helps owners and property
management companies manage banking, payments, compliance and
dispute resolution quickly and easily and at no charge. According
to a recent national poll of renters by Assurant, 34
percent of renters had issues receiving their security deposit
refund after they moved out.
“As one of the nation’s leading multifamily housing risk
management providers, Assurant is the ideal partner for Deposify as
we continue our expansion in the U.S. market,” said Jon
Bayle, Founder and CEO of Deposify. “Assurant brings deep
real estate experience and market knowledge to our partnership, as
well as distribution on a national scale. Assurant’s security
deposit alternative products complement our cash security deposit
solution. Owners may prefer a cash security deposit; while
residents may prefer an alternative to cash. Owners, property
managers and residents can now access, for the first time, cash and
alternative security deposit products in one place by Deposify and
Assurant working together.
The security deposit market in the US is estimated at +$50bn,
with a national average security deposit of $1,000 and +50m rental
units.
About Assurant
Assurant, Inc. (NYSE: AIZ) is a leading global provider of
housing and lifestyle solutions that support, protect and connect
major consumer purchases. Anticipating the evolving needs of
consumers, Assurant partners with the world’s leading brands to
develop innovative products and services and to deliver an enhanced
customer experience. A Fortune 500 company with a presence in 21
countries, Assurant offers mobile device solutions; extended
service contracts; vehicle protection services; pre-funded funeral
insurance; renters insurance and lender-placed homeowners
insurance. The Assurant Foundation strengthens communities by
supporting charitable partners that help protect where people live
and can thrive, connect with local resources, inspire inclusion and
prepare leaders of the future.
Learn more at assurant.com or on Twitter
@AssurantNews.
About Deposify
Deposify is a European escrow as a service financial technology
company – founded in Ireland in 2014, with US headquarters in
Boston and an office in New York, Deposify launched its’ security
deposit management service in the US in April 2018. Deposify is
venture backed with investors including Bank of Ireland.
Learn more at Deposify.com and on Twitter @Deposify.
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version on businesswire.com: https://www.businesswire.com/news/home/20190904005290/en/
Media: David Blumenthal (770)763-1073
David.Blumenthal@assurant.com
Jon Bayle Founder & CEO, Deposify 617.963.0430
jon@deposify.com
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