Group Risk Standards
Enables efficient management of end-to-end scheme lifecycle.
Criterion’s Standards for the group risk market support the integration between employers, providers and employee benefits consultants of processes across the lifecycle of group life, critical illness, income protection and dependents’ pension schemes.
There are two Standards available for group risk:
- Group Risk Quotes – Life Assurance; and,
- Maintain Group Risk Mid Term Accounting Validation.
Overview
Group risk challenges
Managing group risk schemes involves significant challenges in collecting comprehensive and accurate data about the client's workforce, including demographics and health status. The complexity of group risk products requires a deep understanding to tailor solutions effectively to diverse employee needs.
This applies when navigating the market to compare quotes from multiple insurers that have variations in coverage and exclusions and pricing that must be meticulously evaluated to provide the best options for the client, and equally when reporting the changing profile of scheme membership as it evolves over the course of the scheme’s price guarantee period.
How Can Criterion Standards help?
Example - Group Risk Quotes - Life Assurance
Purpose: This Standard focuses on group life assurance, which is a product that provides a lump sum benefit to the employee’s beneficiaries in the event of their death.
This Standard enables employee benefit consultants or advisers acting on behalf of employers, or employers directly, to obtain seamless quotations for group life assurance products.
It provides support to the quotation process by detailing messaging flows and the structure of the data that is exchanged in the quote request and response messages sent to, and received from, group risk providers. The exchange of these request and response messages is defined within an OpenAPI specification, facilitating the seamless flow of data, automation and an efficient end-to-end quotation process.
The pricing business processes supported by the Standard are: New Provider, Rate Review and Repricing.
Benefits:
- Facilities automation for request and response messages;
- Enables a more efficient end-to-end quotation process;
- Supports the selection of group life assurance products.
Get in touch
Our team is always keen to talk about our Standards and Governance work, whether you need support for detailed implementation planning, or just want to learn more about who we are and what we do. To find out more, contact: [email protected]