Unisure has set up its UK Group Life division and entered the UK protection market with the launch of a group life insurance product, with the group CEO saying there were substantial opportunities for uptake. The company has also joined trade body GRiD (Group Risk Development).
The group life plan has a minimum scheme size of three lives and no maximum, and is available through advisers only. The plan went live on 1 June and is underwritten by Allianz.
More information is available by requesting a quote online. Unisure says it can also offer keyperson and shareholder protection cover and non-UK cover too, as well as individual rather than group risk products
Comment: Little product information was available in Unisure’s press release or online, but we assume cover will be typical for the sector. Factors such as price, service and underwriting will therefore determine where the plan will be most competitive, but Unisure’s global reach may also be a factor for some.
However, the relative lack of information online may put some off, as it’s hard to know whether to consider a new provider if it’s not clear what advantages they may offer. That’s compounded for a new provider in a sector, although Unisure itself is an established name, with offices in Africa, North America and Asia as well as in the UK. Of course you can ask them but even the press release says little about Unisure or why its products may be different. A missed opportunity?
The group risk market is massive but with a relatively small number of providers, so new entrants are always welcome and Unisure looks to offer a good range of solutions and internationally too.
Plus points: Simple group risk life cover; Underwritten by global giant Allianz; Minimum scheme size three lives; No maximum scheme size.
Not so plus points: New entrant to this sector, which may put some off (although the underlying cover is underwritten by Allianz); Little information available online.
Rating (max 10): Overall: 7.5. Silver
Tags: Group life; Unisure
I Mark: No