Unisure has entered the UK protection market with the launch of a group life insurance product, with the group CEO saying there were substantial opportunities for uptake.
The product is open to a minimum scheme size of three with no maximum, and is available through advisers only.
It went live on 1 June and is backed by financial services firm Allianz, which will provide risk rates.
As part of its market entry the global life and health insurance provider revealed it has joined group risk industry body Grid.
Unisure group CEO, Stephen Conway told Health & Protection that the provider believes that there is a vacuum in the UK in the SME market due to providers pulling out of the space and a demand for a new service driven provider which he believes Unisure can fulfil.
He added the firm has taken on a UK sales manager and a sales underwriter in support of the new product who have joined the London based team.
And Unisure’s UK group life underwriter Lewis Twist said more employers were seeing the benefits of offering their employees peace of mind and financial wellbeing through group risk products.
“It’s no surprise that we saw employer-sponsored group risk benefits achieve record highs in 2020,” he said.
“We know that group risk benefits can help employers attract – and retain – the best talent, particularly at a time when health and financial wellbeing is so firmly in the spotlight.
“Employers offering benefits to their employees send a signal that they’re invested in their employees’ wellbeing.
“Whether we’re talking about group life and disability, income protection, critical illness or death in service, these benefits are all incredibly important for the numerous different scenarios that their employees may face in the future.”