by Nadeem Farid
Head of Employee Benefits at Drewberry
Omnilife, a player in the UK Group Risk and Employee Benefits market, has announced that it will start running down its book of group protection business with immediate effect. Existing quotations and policies that began prior to 1st July will be included within the scope of the transition.
The reason behind the move is RGA’s acquisition of Omnilife’s on February 1st 2019. It was a trigger for Omnilife to reexamine its strategic priorities, at which point it decided that the UK group risk market was a market it wished to leave.
Omnilife has joined forces with Legal & General, which will work with Omnilife’s intermediary partners to switch clients to Legal & General by the next policy anniversary.
It’s always good to periodically review the market for Group Risk as so much can change each year, but when something big happens like a provider exiting the market entirely it’s definitely worth taking a look at the options available.
Legal & General may not be the best provider for every Omnilife client — businesses aren’t one size fits all, even if Legal & General has offered some favourable terms for those switching from Omnilife.
Conducting a full review and obtaining quotes from all of the leading UK providers you will be able to see just how competitive the Legal & General terms are and may well find more competitive quotes, or cover that is better-suited to your company and workforce.
You could do this yourself, which would involve trekking to each individual insurer with all of your employee data and procuring quotes one by one. However, this can be time consuming and isn’t always a practical option for everyone.
If you would like some help conducting a full market review please do not hesitate to get in touch, pop us a call on 02084327333 or email email@example.com.
We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us:
Good interaction between client and advisor. Drew knew his brief; articulated and explained the issues clearly and answered questions fully. This all helped me clarify what I wanted and so we agreed on our action swiftly. I am a very satisfied client. Thank you.