Scottish Equitable is launching a new employee benefits division following its parent company AEGON ...
Scottish Equitable is launching a new employee benefits division following its parent company AEGON UK's purchase of Guardian Employee Benefits (GEB) last year.
With the aim of becoming the largest employee benefits provider in the market within the next three years, Scottish Equitable Employee Benefits will be launched with a series of IFA roadshows.
Sue Sneddon, technical services manager at Scottish Equitable Employee Benefits, said: "GEB has built a great strength in the corporate protection market while Scottish Equitable has strength in the group personal pensions market with both companies serving the intermediary sector. By joining forces we can offer risk cover and pensions as one provider."
"Through the employee protection menu plan we have been targeting small to medium-sized businesses, which sits nicely with group personal pensions. This is where Scottish Equitable already has a big market share."
Through the integration of GEB into Scottish Equitable, Sneddon said it would be looking at growing the market and maximising on benefits to the customer.
"We do have plans in terms of product development and have a range of things we are looking to do over the next 12-18 months. But we need to look at the overall plans of the company first."
Developments are most likely to focus initially on critical illness and group income protection products.
Managing director and head of business integration at Scottish Equitable Employee Benefits, Peter Dorran, said: "Employee benefits is a growing market within the UK as employers become increasingly aware that an attractive benefit package is vital to retain quality staff.
"Our product range aims to strike the right balance between pricing, underwriting, claims management and IFA service. The employee protection menu we will offer, for example, is aimed at businesses with between 50 and 300 employees, which fits well with stakeholder."
GEB was acquired by AEGON in October 1999 and was ranked third in the corporate risk market with a market share of 14.8%.
A series of IFA roadshows will be looking at the stakeholder issue and will be presented by pensions and group risk representatives. They start in Leeds on 3 May, finishing in London on 6 June.
Contact your Scottish Equitable branch for more details
