Co-founders of the Naples-based company discuss the organization’s mission
Prisidio offers a cloud-based vault to store, organize and share important documents and information. Co-founder Glenn Simkus sat down on Wednesday to discuss the Naples-based company.
Jonah Hannebo, Napoli Daily News
- Florida-based startup Prisidio has partnered with AARP to provide its members with a “digital vault” service.
- The cloud-based platform allows users to securely store and share important information such as their will, titles, and insurance contracts.
- AARP members will receive discounted fees for the services. It is intended to help prepare for disasters, caregiving, and protecting heritage.
- The partnership is expected to significantly expand Prisidio’s user base and take advantage of a large market for Americans over 50 years old.
Florida-based Naples has appeared on the national stage.
The company, known as Prisidio, has entered into a unique partnership with AARP (formerly known as the American Association of Retirements).
Through the partnership, AARP will provide members with access to Prisidio’s “Digital Vault” at a discounted rate.
The cloud-based platform provides a safe place for people to store and organize sensitive information. This can be shared digitally with people who are “the centre of their lives,” said Glenn Shimkus, co-founder and CEO of Prisidio.
That confidential and important information may include a will, title and conduct, insurance contract, vaccination records, and marriage certificates.
“In the world we live in today, it’s scattered everywhere,” Simkus said of personal information. “It’s physical. It’s digital. You can’t do it when you want to share it.”
That is where Plisidio appears as the “home central” of life information. The stored information ranges from simple copies of your driver’s license or insurance card to comprehensive family and financial history. From Bitcoin to Art, it can include a list of locations and valuable valuables.
Prisidio can be accessed from a mobile phone or computer. Most interactions use mobile apps.
Through a new partnership between Prisdio and AARP, association members can earn unlimited membership limits (or “essentials”) for $20 a year or $95 a year.
The cost of an unlimited plan is typically $150 a year or $16 a month.
One of the of-a-cind partnerships
In 2022, AARP chose Prisidio as one of Agetech’s co-participants, and had access to practical mentorship and support to promote growth in support of seniors.
The relationship grew from there.
AARP held small trials with its members, which worked and then evolved into a formal partnership.
“It’s one partnership, and it’s a really great partnership for us,” Simkus said.
The AARP Digital Vault, powered by Prisidio, was released quietly in March. The marketing efforts were featured in July, with AARP officially announced via a press release that AARP will be available.
An article on how to use technology was published in the September/October issue of AARP News. The bulletin has over 33 million readers per year.
Unlike other AARP partnerships, this is with the “mothership” and is not a subsidiary of a for-profit organization that funds its social mission, Simkus said.
“They really believe this is a very important need for their membership,” Simkus said. “That’s something they’ve never done before.”
Prisidio’s goal is to meet the central needs of users’ lives, including:
- Disaster preparation and recovery
- nursing care
- Prevent fraud
- Protecting the family’s heritage
Growth potential
The market potential for platforms among older adults is huge, with over 122 million people in the US alone, over 50, and baby boomers now handing over $68 trillion to $84 trillion to heirs, the biggest transfer of wealth in US history.
Unclaimed assets held by state governments around the country have an estimated $70 billion in assets, with a lack of documents playing a major role, Simkus said.
Additionally, recent estimates suggest that around $2.1 trillion is held in a 401(k) retirement account “forgotten” or “remained” 401(k) retirement account.
Through its partnership with AARP, Prisidio is giving them a path to reach more people and easily protecting and maintaining the wealth of their families.
The company is on track to add thousands of AARP members to its digital vault this year, hoping to more than double its user count by 2026. Since the start of the partnership with AARP, metrics have grown from 400% to 600% based on the number of users, and have grown based on adding documents and inviting people.
The biggest challenge facing Plisidio is “inertia,” where many people choose to do nothing or postpone, Simkus said. The platform is designed to simplify efforts, so people don’t have to give up nights or weekends to be safe and organized.
“You can start today. You can do it in short increments, in 10 or 15 minutes. And, more importantly, it’s better for both you and your family,” Simkus said.
Store information is categorized under things, locations, people, and documents. Entering is as easy as taking a few photos or recording a video on your phone to create a personal record.
Innovation continues to focus
Prisidio continues to raise funds and innovate to make it seem like it’s growing, with 15 full-time employees and a few contracted employees.
The platform will soon incorporate artificial intelligence, making it even more intuitive and easier to use, Simkus said.
Interestingly, Prisidio investors include several celebrities, including actor Donnie Wahlberg and Reality TV star Kyle Richards.
Meanwhile, former host of The Bachelor Franchise, Chris Harrison, has been used as a major 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 looking for ways to care for them. Plisidio allows me to provide all the important details needed for tragedy and everyday life.”
Prisidio was released in October 2020 after two years of research and development.
The company is Shimkus’ fourth startup, from Chicago. All of his ventures are centered around document and content management, the first he developed for consumers rather than businesses or professionals.
Docusign, a pioneer of 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.
