Group Risk protection products help organisations showcase their culture and values and can support their position as a caring employer. Group Risk employee benefits are useful for employers who want to stand out to potential recruits and retain talent in a crowded employment market. These products are highly valued and provide employees with financial security and peace of mind. Group Risk products include:
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Group life assurance;
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Group dependents' pension;
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Group income protection;
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Group critical illness.
However, although group risk products are in high demand, especially after the pandemic, quotation and renewal processes still rely heavily on manual input by employee benefit consultants (EBCs) and providers. This can be incredibly time-consuming and inevitably create human errors when manually collating information from various sources to price schemes and input data.
In February 2020, we delivered a final API Standard to support the Mid Term Accounting Changes process. Following this project, market stakeholders confirmed an appetite for us to produce API Standards for new providers and associated processes, including rate review and re-pricing. We have been working with providers and EBCs to define a repeatable, standardised approach to these processes that can be implemented using API technology and cut out unnecessary redevelopment. Like all projects by Criterion, collaboration is crucial and enables us to create an industry-wide solution – significantly reducing time, cutting costs and ensuring better outcomes for consumers.
Operating quietly in the background, our Group Risk API Standards will help our customers to be more productive and ensure seamless data exchange between insurers and employers (or EBCs).
Our Standards are continuously reviewed to keep up with the market's evolving needs – if you would like to access our Standards library, then please register for our website.
