Integrity rolls out new group insurance product

The offering is specifically designed for SMEs with as little as five employees

Integrity rolls out new group insurance product

Insurance News

By Mina Martin

An Australian life insurer has rolled out a new combined group insurance offering for small to medium businesses.

Integrity Life’s new product, Five+, offers a combined income and life insurance to SME businesses with five to 50 employees, as well as income benefits to both employers and employees. The product is now available through a select group of national insurance broker networks and will be gradually extended to the broader market over coming months. It can be purchased and maintained online.

The Five+ product “is very much an off-the-shelf solution that is easy for business owners to understand, purchase, and administer, and provides SMEs with a great way of protecting their greatest asset – their employees,” said Chris Powell, Integrity MD. “SMEs and start-ups report challenges in attracting and retaining talent as they generally can’t offer the same perks and benefits that their larger competitors do. This new product will help employers create a compelling offer to lure the talent they need to grow their business on a cost effective and affordable basis.”

The new Integrity offering has a simple product design, unique administration structures and processes, and a technology platform that will help SMEs manage financial risk if they temporarily lose an employee due to extended illness.

The Five+ product has the following key features: 

  • an “off-the-shelf” product;
  • no minimum premium;
  • instant quotation and straight through application process;
  • new event cover resulting in no health questions to ask when buying the product
  • instant acceptance of the application after submission;
  • death and terminal illness benefit of $200,000 and group salary continuance (100% of salary, 80% to employee, 20% to employer); and
  • a compelling price point, usually between 1% and 2% of salary.

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