IP
Canada Life is revamping its group income protection (IP) offering in a bid to secure a larger share of the market.
In the first of a series of nationwide seminars, the insurer has announced that the aim of the overhaul is to make life easier for intermediaries who sell Canada Life products and tempt more advisers into doing so by increasing efficiency, service and commission potential for IFAs who deal with the provider.
As a result of the enhancements to Canada Life's group IP product, the policy now boasts three definitions of incapacity: standard occupation, suited occupation and standard occupation for two years, switching to suited occupation thereafter.
Canada Life is also putting a strong emphasis on employee assistance programmes in an effort to improve employee performance and minimise absence. The IP proposition also boasts free cover limit of up to £75,000 and the option of a proportional benefit that supports return to work in a reduced capacity to encourage a return to full-time employment.
The most significant developments however are in the area of claims management. "Using case managers and regional rehabilitation consultants, we intend to close the gap for those who do not want to work and support the rehabilitation of those who do," said Colin Micklewright, manager for income protection business at Canada Life.
"We estimate just 1,500 income protection claims at Canada Life are long-term or full duration claims. As such we have to identify opportunities for return to work possibilities and this will require a new breed of case manager," he added.
Micklewright stressed however that these developments are still being perfected and will not be finalised until the beginning of June.
