Group risk insurer Ellipse has re-launched its group income protection (GIP) product, Interact, after revising the pricing basis.
John Ritchie, CEO of Ellipse, explained "Our original pricing basis just put us too far out to figure in advisers' recommendations. We went back to the drawing board to see what we could do with our premiums and came up with a new basis."
Ellipse now sees the product as suited in price and design for the SME market, claiming premiums are very competitive for schemes with up to 150 members.
Interact offers a ten per cent premium discount to companies reporting all absences that have lasted four weeks within the following (i.e. fifth) week.
The discount is also given if the client company confirms that none of the employees have had absences lasting this long.
Ritchie continued: "Being competitive at the SME end of the market was very much our aim: this is where the real prospects for growth in the group risk market are."
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