After we failed to impress
with our premiums the first time around, we have been back to the drawing board
with our group income protection product, Interact, to come up with a
more competitive rating basis. With the
help of some advisers who responded to our request last year for volunteers, we
have now got an accurate picture of how our new rates sit within the
market.
The key conclusion we have drawn is that our prices
are now competitive for schemes with up to 150 members – very competitive for
those with up to 100.
This result is very much what
we were hoping for. We see small
companies as the main potential for growth in the group risk market and our
online services have been designed to help advisers who have or are developing
SME clients. Our online system can quote
for policies with as few as two members and no minimum premiums or policy fees
apply.
Interact works out at even
better value over the long term if your clients keep us posted quickly (within
seven days) of any employees who are absent for more than four weeks. Where employers do this, or can confirm that
no employees have been absent during the year for more than four weeks at a
time, we reduce their premium in the following year by ten per cent.
Quotes for Interact are
available, online, for schemes with up to 300 members. Give it a try and we’re confident you’ll get
premiums that either are – or are close to being – the best available in many
cases. Whether your experience bears
this out or otherwise, any feedback you can give us will be gratefully
received.
John Ritche
Chief Executive Officer
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