Group risk: How they scored
F&TRC has not examined e-commerce in the group risk market since 2007. At that time what was available was very limited indeed. As explored in the introduction, group risk as a market isstill a long way behind the rest of the industry. However the providers that have responded to our survey this year have all clearly made a significant investment in technology to bring this market sector kicking and screaming into the 21st Century. From talking to them it is also clear that each is committed to continue investment to deliver further process automation and greater efficiency for the benefit of employers and advisers. Across the board it would be good to see more integration with advisers’ client management systems and it is clear that the group risk arena has yet to embrace behavioural finance in the way that other areas of the corporate market are.
Canada Life Group Insurance
A strong showing for Canada Life’s group protection proposition, CLASS, which recorded first and second place results in the areas of our survey which examined Extranet Service Availability, Audit Trail, Extranet Access & Functionality, e-New Business, Scheme Renewal, MI & General Reports, Support Services and Social Media. We do believe there are areas in Scheme Administration that could be improved.
Eleven 5-star functionality ratings were achieved including eNew Business - Scheme Underwriting and Scheme Administration - Member Joining & Leaving Process, both areas where Canada Life were the only company to achieve the top rating.
Ellipse, a provider who has stated a mission to transform the group risk sector through the use of technology, put in an excellent performance for what is a relatively new venture, achieving top two finishes in the sections of our survey which explored Administration Platform, Extranet Service Availability, Security, Extranet Access & Functionality, Quotes & Key Features, eNew Business, Scheme Administration, Scheme Renewal, Remuneration & Charges information and Social Media. They should also be commended for being the only company to offer
Flex & HR Functionality for their Group Critical Illness proposition. A handful of low scoring areas were noted including MI & General Reports and Employer & Employee Support.
A total of ten 5-star functionality ratings were awarded to Ellipse including eNew Business - Pre-population Facility, eNew Business - Repopulation Facility and Scheme Administration - Tracking Processes, all of which were areas where no other organisation achieved a 5-star rating.
Friends Life/BHA achieve first and second place finishes overall in the sections of our survey that investigated Product Options, Security, Audit Trail, Quotes & Key Features, MI & General Reports, Standard and Education. We would recommend enhancements to their Administration Platform and Scheme Renewal functionality. Given Friends Life’s outstanding record as a leading edge e-commerce provider in all the areas they work I am sure that having acquired the former BUPA business we will be seeing impressive things from them in the months ahead.
A total of twenty 5-star functionality ratings were collected including eNew Business - Training, Scheme Administration - Premium Collection and Standards - Service Standards where they were the only provider to achieve this level of functionality.
Legal & General - Group Protection
One of the giants of the group risk market, Legal & General has been investing heavily in the back office systems that power its overall proposition. Although some of the adviser-facing services are later phases of the project they have still come a long way in recent months taking significant time out of their renewal processes. First and second place results for Product Options, Administration Platform, Scheme Administration, Remuneration & Charges information, Support Services, Employer & Employee Support, Standards and Education are examples of the progress. The Extranet Service Availability should improve as later phases of their development go live.
Sixteen 5-star functionality ratings were given including six in the areas of Plain English Accreditation and Adviser Education where no other company achieved this feat.