As a result, Legal & General has opened up ONIX to a lower minimum of three employees, from ten, and offering a three-year unit rate guarantee on all new group life and group income protection policies covering three to 500 employees.
In addition, the firm states the platform provides intermediaries with an intuitive digital experience that can provide a quote in a minutes.
The enhanced offering, available exclusively through ONIX, has unit-rate costing; Legal & General’s best rate first time, with discounted pricing versus manual quotes; generous free-cover limits, virtual GP (policies covering up to 500 employees) and virtual master trust as standard on group life; and also all added-value services as standard on group income protection.
Colin Fitzgerald, distribution director, Legal & General Group Protection, said: “We’re really excited about today’s ONIX enhancements and we’re covering a lot of ground. We’ve opened up our ONIX platform from 3 employees upwards (previously starting at 10). We’re unit rate costing from 3 employees to bring cost certainty to employers at a time when this is acutely important for them, when faced with salary and energy inflation. And a three-year unit rate guarantee as standard on all policies from three to 500 employees is a market-leading innovation for self-service platforms beyond 250 lives.
“There has been a significant increase in interest in employee wellbeing and this represents a huge and largely untapped opportunity to provide protection for the SME market from 3 to 500 employees. Our goal at Legal & General is to bring valuable workplace wellbeing and protection benefits to many more people. We see digital innovation as the ideal way to expand the market, saving advisers time throughout the customer journey from initial quotation to renewing the business at the press of a button. We’re here to help make sure advisers and their customers benefit from our investment in ONIX.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData