Legal & General Group Protection has made ONIX – its digital quote, buy and renew platform – more accessible to small and medium businesses (SMBs) by opening it up to a new minimum of three employees, down from 10 previously.
It now also offers a three-year unit guarantee on all new group life and group income protection policies covering three to 500 employees.
The move comes at a time when Legal & General has been experiencing a fall in its group protection sales. It was reported in August that UK group protection fell to £53m for the first six months of 2023,- a fall of 15.9%.
Legal & General says the platform provides intermediaries with an intuitive digital experience that is fast and flexible, providing quotes in minutes.
The enhanced offering includes: unit-rate costing; Legal & General’s best rate first time, with discounted pricing versus manual quotes; generous free-cover limits; virtual GP (policies covering up to 500 employees) and virtual master trust as standard on group life.
All added-value services come as standard on group income protection.
Colin Fitzgerald, distribution director for Legal & General Group Protection, said: “We’re really excited about today’s ONIX enhancements and we’re covering a lot of ground.
“There has been a significant increase in interest in employee wellbeing and this represents a huge and largely untapped opportunity to provide protection for the SME market from three to 500 employees.
“Our goal at Legal & General is to bring valuable workplace wellbeing and protection benefits to many more people.
“We see digital innovation as the ideal way to expand the market, saving advisers time throughout the customer journey from initial quotation to renewing the business at the press of a button.
“We’re here to help make sure advisers and their customers benefit from our investment in ONIX.”