Aviva has launched a group life master trust to target small and medium-sized firms looking for simplified protection products.
The insurer says the master trust will allow it to write multiple group life business under a single trust.
The master trust will be available on both registered and expected group life policies meaning it can be offered to all types of employees, Aviva adds.
In addition, the product is offered through the group protection online system for any group life policies that cover between three and 100 lives.
Aviva group protection managing director Steve Bridger says: “Cost and resources can be a real barrier for smaller companies who want to offer their staff workplace benefits. Using a master trust can reduce the cost and the time spent setting up a benefit and managing it in the future.
“Through auto-enrolment, hundreds of thousands of companies are in the middle of setting up their workplace pension schemes. This may be spurring business owners to take a look at what other benefits they can offer their employees at the same time.”
Bridger adds: “Aviva is the first to cover an excepted group life policy under the master trust solution and I think many will see real value in our offering.”