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‘Sick Pay’ by Ellipse


Pros

Cons
Ellipse’s first major product changes since joining AIGMany employers only have one employee.
Can cover anything from two employees upwards.Any company takeover can result in choppy waters as much management time has to be spent on integration and that can affect things like service.
Useful, practical improvements including the facility to cover flex.Group IP is not a major product for many advisers.

The Product

Ellipse has announced improvements to its Group Income Protection proposition, Sick Pay.

Among improvements to the policy terms and conditions, are broadening the offering to larger employers, and adding capability to provide flexible benefits. The improvements build on Ellipse’s existing proposition, which already included an employee assistance programme, day one early intervention and vocational rehabilitation.

Sick Pay is now available for any employer with two employees or more, with no maximum number that can be covered. Other improvements include a lump sum payment option following a limited term, a higher maximum benefit, more options when covering pension scheme contributions and greater flexibility to accommodate different state benefit deductions.

What They Say

CEO Lee Lovett said: “We’ve built up good experience in the SME market over the last few years, and with future growth and expansion plans in mind, now is the perfect time for us to expand our Sick Pay proposition to make it available to the whole market, alongside other improvements to the product itself. "Group income protection is vital cover, often undersold in our market. As we work towards our integration with AIG Life, improving our products so that they appeal to more employers is a top priority, and GIP is first on the list.”

What We Say

"The announcement of any insurance company takeover always leads to mixed feelings. On the one hand a good new owner will add value, allow expansion and encourage innovation. On the other hand, much management time has to be spent on integration, and maintaining staff morale and service levels can be difficult, while new product development can suffer too. "However, Ellipse has been quick off the mark, with a range of simple changes (less than six months after the takeover announcement) that should make its GIP appeal more to employers and to advisers alike. There’s nothing revolutionary here, but it’s good evolution and places the company well as it looks to expand in the thriving group risks sector. "The changes allow employers to add flexible benefits and to have improved benefits for their employees."