Bright Grey launches bespoke proposition for business protection market
Monday, 18 February 2008
- The majority of SMEs have insufficient or no protection in place, resulting in an estimated £500bn* protection gap
- Bright Grey's proposition includes a full range of dedicated services to support advisers in tackling the gap
Bright Grey, the protection specialist arm of Royal London Group, has launched its bespoke menu-based business protection proposition for the individual corporate protection market. The proposition, tailor made to mirror the needs of corporate advisers, offers cover for key person, loan protection and ownership protection.
The proposition ensures that businesses are protected against the financial problems associated with the loss of one of their key people or one of the owners through death, critical illness or temporary disability.
It also includes Key Person Income Cover for Sickness, which is designed for the employer to protect themselves from the loss or profit they would suffer if a key person in the business is incapacitated.
Jerry Bayman, national partnership manager for business protection at Bright Grey said:
"With nearly four and a half million businesses in the UK, the business protection industry is still a relatively untapped market. It could be argued that the Pensions and Group Risk markets have reached a level of maturity with little actual "new" business being written. With an estimated value of more than £500 billion, the potential for advisers to develop the business protection market and create genuine new business opportunities is huge.
"Many advisers seem reluctant to dip their toe in the water, viewing business protection as a specialist market. However, Bright Grey's approach will not only explode some of the myths but also help advisers develop their business to ensure their clients are sold the right protection."
The Bright Grey Business Protection Menu offers a flexible menu with a range of covers allowing advisers to mix and match to suit business needs, combining up to 10 covers within one plan.
Bright Grey has created teams of experts to support advisers, with a customer care team dealing exclusively with business protection to ensure that protection plans are dealt with quickly and efficiently, trust and taxation experts, as well as a team of specialist business protection underwriters.
With the launch of its business protection proposition, Bright Grey has taken the opportunity to review its financial underwriting and make significant enhancements by introducing highly competitive underwriting limits of £1 million for Life and £350,000 for Critical Illness to speed up the underwriting process.
The business has also taken a unique approach by creating a dedicated corporate sales team dealing solely with business protection, headed up by Jerry Bayman, who has more than 35 years' experience in the industry.
Due to its success in the personal market, Bright Grey's business protection includes its unique Helping Hand service at no extra cost to plan owners. The service, which has been specifically tailored for businesses, offers practical and emotional support to clients and their families. In addition to the support from qualified nurses through RED ARC, the service also includes recruitment support and legal advice from Working Transitions
Bright Grey offer an online quote system to make it easier for advisers to prepare tailored menu-based quotes for clients. For additional online support, including access to Bright Grey's technical guide, product information and its premiums calculator advisers can visit www.brightadviser.co.uk
-ends-
For further information contact:
Bright Grey
Neil Cameron
Tel: 0131 247 1677
neil.Cameron@brightgrey.com
Notes to editors:
* Source: Swiss Re
Working Transitions specialises in helping people who are temporarily unable to work, usually because of illness or accident, to return to gainful employment in the shortest possible time through career and recruitment support.
Bright Grey offers increasing cover options – a choice of RPI (2-10%) or fixed rate (2-5%) – that pays an extra 15% commission, with no requirement that the increase is taken.
Royal London Group, is a specialist financial service provider. Its businesses focus on those sectors of the market which value premium propositions, operating through a number of brands:
- Scottish Life – UK pensions market
- Bright Grey – UK protection market
- Scottish Life International – offshore investment markets
- RLAM – fund management
- RLAS – life and pensions administration
- Fundsdirect / Ascentric – funds supermarket; Wrap Platform
Royal London is one of the stronger life and pension companies in the UK, and has a strong track record for with-profits performance.
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £33.1 billion. Group businesses serve around three million customers and employ 2,620 people (figures quoted are as at 31 December 2007).