Are you an employer?
Then our needs-matched
group risk cover is for you.
BrightRock’s needs-matched group risk cover addresses the shortcomings of current products in the market. With us, you can get more cover for the same premium and industry-first features.
Current group risk products in the market offer
Group risk insurance is financial protection that employers take out on behalf of their employees. This cover protects their income – in other words, their remaining pay cheques – if they were no longer able to work after an illness or injury, or if they die. But, in practice, the cover generally pays out less than employees expect. And for some employees, the pay-out they get is far lower than for others – especially for employees who have many more pay cheques left to earn.
This is because group risk schemes typically cover a multiple of an employee’s annual salary if they become disabled or pass away. For example, someone who becomes disabled at 40 and has 360 pay cheques left before they get to retirement age will only have a small part of their need met. Their group risk insurance only covers 60 pay cheques (five times their annual salary). Someone who is disabled in their late fifties has only 60 pay cheques left to retirement age and will have their full financial need met.
Group risk cover also has other shortcomings:
Because the cover and the need are mismatched, premiums aren’t priced optimally. This means that, for everyone on the scheme, cover costs more than it should, but doesn’t deliver value for money.
- To keep costs down, pay-outs are often limited and there are barriers to claim, creating uncertainty for employees. Permanently disabled employees, for example, must undergo continual reassessments post-claim to keep receiving their income protection benefit payments.
- It’s difficult to get more cover above the allocation made by the group scheme.
- Employees have little say on how their cover pays out, because they can’t choose between a lump-sum or a recurring pay-out at claim stage.
- And should they leave the scheme, they will typically forfeit their group insurance cover.
needs-matched group risk cover, you get more cover for your employees
BrightRock’s group risk cover matches your scheme’s needs precisely. We strip out unnecessary waste to price your group risk premiums accurately and efficiently, so your scheme can buy 40% more cover on average for each premium rand.
Thanks to our unique approach, we provide employers and employees with cost-efficient cover that truly meets their needs, and provides greater certainty and flexibility, now and in the future.
The result is group risk benefits that better suits the demands of a 21st century workforce.
Here’s what makes our needs-matched group risk cover different
By pricing cover accurately to match the shape of the financial exposure faced by each employee over time, our cover is more efficient and relevant. For the same premium rand, employers are able to buy substantially more cover for the scheme as a whole, better meeting employees’ financial needs.
- More cover for the group – for the same premium: On average, most employer groups will get at least 40% more cover per premium rand. And, 90% of the employees belonging to the scheme will get substantially more cover than with any other group risk scheme.
- We pay on diagnosis – and don’t reassess permanent claims: Most permanent disability benefits in the group risk market pay out only on subjective, occupation-based criteria, which means employees aren’t guaranteed they’ll qualify to claim. With BrightRock’s objective clinical claims definitions for temporary and permanent disability claims, employees who meet our clinical criteria are guaranteed a pay-out. Once employees qualify for a permanent expense needs claim, there is no annual reassessment.
- Employees can choose how they get paid out when they claim: Only BrightRock offers your employees and their loved ones the ability to choose between a recurring pay-out and a lump-sum pay-out at claim stage for permanent disability and death claims. This gives them unparalleled choice and flexibility, ensuring they have greater certainty that their cover will meet their needs when it matters most, when they claim.
- Employees can double their cover – and can keep their cover when they leave: With our unique extra cover buy-up, employees can double their cover free of underwriting. Our cover conversion facility also allows employees to convert their group risk policy to an individual policy when they leave the scheme. This means that employees have a portable risk cover benefit that can protect them sustainably over their lifetime.
- Trauma IQ – market-first cover for traumatic events and accidents: BrightRock provides an extensive and transparent list of clinical claims conditions for additional expense needs. Our market-leading Trauma IQ assessment extends this cover to trauma-related injuries or illnesses.
Want to know more?
Speak to your financial adviser or fill in your details and we’ll contact you.