Ellipse has launched a group income protection plan that offers companies a 10 per cent reduction in premium if absences are notified promptly, or if no employee is absent for more than four consecutive weeks during a year.
Called ‘Interact’, the product follows the launch of InteractPlus earlier this year, which combins traditional group income protection with an integrated absence management system.
Ellipse will offer Interact quotes for groups of up to 300 members online.
It has also added single relevant life policies to its group life range, although these will only be offered to clients who also have registered for excepted group life cover with Ellipse.
The insurer will now also write any of their group contracts for groups of two people or more, rather than five as previously.
Ellipse CEO John Ritchie says: “Offering group income protection without some mechanism for either guaranteeing or maximising the chances of absences being notified quickly just doesn’t make sense. The process is critical, as we need to ensure appropriate, professional intervention can happen early enough to make a difference.
“We still see InteractPlusas our flagship product because the integration of an absence management process with income protection guarantees that we hear about potential long-term absences early enough. Like all unique products, though, it can be tricky for advisers to compare with the other market offers. They have asked us for a more conventional option, which is what Interact provides, without departing from our core belief in getting early claims notification.”
“Small companies come to us because we offer a fast, straightforward service, including a Master Trust facility, with no policy fees or minimum premium levels to artificially increase their costs.”