Auto-enrolment "opportunity" for group risk - Ellipse

Auto-enrolment offers an unprecedented opportunity for the group risk industry in the short, medium and long-term, according to Ellipse.

The specialist group risk insurer believes auto-enrolment will be the biggest catalyst for moving to web platforms.

John Ritchie, chief executive at Ellipse, said: "Making a virtue out of necessity, employers will see that auto-enrolment is an opportunity to re-evaluate their employee benefits offer and broaden it beyond pensions.

"This move has been a long-time coming and group life insurers will be caught napping if they do not see the opportunity as linked to technology.

"Auto-enrolment will quicken the pace of all employee benefit programmes being delivered by web platforms."

Ellipse added that, as employers are compelled to cover some of the cost of pensions, it expects their willingness to fund other benefits may soften.

Employers are thought to become facilitators of benefits, paid for by their employees but on terms better than the employees could secure as individuals.

"Either way, we're confident that the awareness of and interest in group benefits will rise," said Ritchie.

"For IFAs, this is an opportunity to sit down with clients and review their existing benefits arrangements and ensure they are aware of everything that's out there."

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