Aviva has launched two new business protection products on the Aviva Life Protection Solutions (ALPS) online platform, including a market first Relevant Life Insurance with the option to add critical illness cover.
- Market first Relevant Life Insurance with Critical Illness option
- One application across multiple products to meet business protection needs
- Seamless quote and apply on ALPS platform
The inclusion of critical illness benefit as an option on Aviva’s Relevant Life Insurance, which provides individual death in service benefit for an employee, represents a significant change for the business protection market and will make it even easier for advisers to cover their clients’ business protection needs in one application.
Aviva will also offer Business Life Insurance Options, which will provide life and critical illness cover for business clients.
Through the ALPS platform, advisers will be able to quote and apply for the new business protection products simply and seamlessly, and with interactive underwriting can expect a straight-through rate of around 75%, providing certainty and convenience for their clients. The self serve function allows advisers to deal with case administration at a time and place that suits them, with all policy documents stored online for simple access.
The platform provides a full online quote, apply and track facility, with multi-product applications enabling advisers to apply for both of Aviva’s business protection products at the same time. An enhanced protection promise up to £1 million benefit recognises the higher average case size for business protection.
Business protection advisers will also benefit from expertise and end-to-end support from Aviva through a support line and specialist account managers. This includes a dedicated team for high value cases, who will provide pro-active support as well as help with any underwriting, tax or trust queries.
The two protection products help businesses protect against any financial loss in the event of death or critical illness of a business owner or key individual, and provide cover to employees. This includes access to a network of medical experts through Second Opinion by Best Doctors, at no extra cost.
Louise Colley, Managing Director of Protection at Aviva, said:, “Interactive underwriting and an intuitive end-to-end application process on our ALPS platform is really transforming personal protection writing, so I’m delighted that business protection writers will also have the same easy access to these new products, in order to help protect more lives.
“Historically, relevant life policies have tended to only include a death benefit and terminal illness benefit, so I’m equally delighted that following extensive research and advice from external legal counsel, we are able to offer a fully-compliant critical illness benefit on our new Relevant Life Insurance. This is a market first and we believe that it will really help advisers write more protection business more easily.”
The new Relevant Life Insurance and Business Life Insurance Options products will be available from 25 January 2016 on Aviva’s new online Business Protection hub.
- Ends -
If you are a journalist and would like further information, please contact: Melissa Loughran, Aviva Press Office: 01904 452791: 07800 691947: Melissa.loughran@aviva.com
Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 34* million customers, across 16 markets worldwide
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £245 billion in assets.
- Aviva helps people save for the future and manage the risks of everyday life; we paid out £24.6 billion in benefits and claims in 2014.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
- The Aviva media centre at http://www.aviva.com/media/ includes company information, images, and a news release archive.
- For an introduction to what we do and how we do it, please click here http://www.aviva.com/about-us/aviva/
- For broadcast-standard video, please visit http://www.aviva.com/media/b-roll-library/
- Follow us on twitter: www.twitter.com/avivaplc/
* Before the deduction of overlapping customers.