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Canada Life Group Insurance reflects on another seismic year

  • Simply CLASS launched in June to support SME automatic enrolment backed by an adviser-to-employer marketing communications pack
  • CLASS, the first end-to-end online Group administration platform, celebrated its 10-year anniversary and now holds 9% of all group risk schemes
  • Early Intervention Services revitalised to maximise the benefits of proactive absence management to employers and provide Return on Investment information

Although 2016 is already well underway, with challenges and opportunities old and new to contend with, it is worth taking some time to look back at what was a year of great change and opportunity. Despite the challenges, Canada Life Group Insurance enjoyed a successful 2015, building on 2014 when we became #1 on all common market measures.

As well as retaining its position as the largest provider of group risk benefits in the UK based on Swiss Re’s figures for premiums, employers and employees covered, Canada Life also held on to its rating as the top insurer for the third consecutive year in the independent survey of advisers conducted each year by ORC International. Further recognition came in the form of three major industry accolades: Best Group Risk Provider at the Corporate Adviser Awards, ILP Moneyfacts Awards and HI Daily Awards.
Initiatives designed to make working with Canada Life easier than ever before, and supporting advisers to sell group insurance to their clients, have underpinned this success.

A master trust facility which now has in excess of 850 participating employers was made available in March, paving the way for the launch of Simply Class Group Life Assurance. With four quotes in around a minute and quoting and on risk achievable in under five minutes, Simply Class is a straightforward solution for SMEs who want to offer a low-cost, high-value benefit alongside a workplace pension. Already over 10% of employers buy the benefits when they are presented with them. Simply Class has been well-received by industry experts, earning a score of 9/10 from the independent and respected Protection Review. This confidence is being borne out by sales and customer feedback. Additional marketing support for advisers looking to cross-sell group life benefits with pensions has also been ongoing, with webpages full of guides and co-branding opportunities for a variety of materials.

Alongside the automatic enrolment opportunity, Canada Life has also relaunched its Early Intervention Services (EIS) for Group Income Protection. The improved process has seen utilisation double, and 86% of cases managed through EIS do not proceed to claim. This is a great outcome for employers, with EIS reducing claims incidences, duration and achieving higher acceptance rates than cases without early intervention. The relaunch ensures employers can keep their employees productively and safely in work and effectively manage their absence. This can help employers benefit from improved, sustainable premiums due to fewer claims in their Group Income Protection claim history.

Further customer focus has been evidenced through a redesigned health declaration for medical underwriting which has resulted in almost three times as many decisions being made without the need to go back to an employee for further information. The additional services offered alongside the core products also continued to deliver to the exceptional standards Canada Life’s expects, led by RedArc Assured who achieved a 97% satisfaction score in their user survey for the third year in a row.

Paul Avis, Marketing Director at Canada Life Group Insurance, says:

“If we have the collective will and foresight to grasp the significant opportunities that exist for our industry this will be a transformational time for group insurance. We are creating the products and tools to ensure our adviser partners can capitalise on the 1.8 million SMEs going through auto-enrolment into 2018. We are eager to work with any adviser who has the same vision as we do to grow our market by opening cover up to these previously under-serviced organisations.

“The work we began in 2015 is just the tip of the iceberg. Not only will we continue to push a new approach to collaborative working with advisers, but we also have a number of further innovations in development which we are looking forward to sharing when they are ready. While we are always very pleased to be recognised for our achievements, we are never complacent in our aim to sustain our position as the pre-eminent group insurance provider in the UK. 2015 was just the beginning of the additional adviser support we plan to offer and in 2016 we have grand plans to delight our adviser and employer customers even more than before!”

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Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.