UK-based reinsurance firm Apollo, in partnership with Lloyd’s of London dealer Progressive Danger Labs, has unveiled a brand new insurance coverage providing for SMEs within the UK.
Referred to as JustParent, the brand new insurance coverage product is designed to mitigate the monetary dangers related to parental depart for UK SMEs.
The providing seeks to boost worker advantages by enabling corporations to offer full maternity and paternity pay for as much as six months, a rarity amongst smaller companies as a result of related prices.
JustParent is predicted to be a transformative answer within the realm of worker advantages, permitting SMEs to supply substantial paid parental depart.
The product addresses a major hole available in the market, the place prolonged parental leaves are unusual amongst smaller organisations.
By facilitating such advantages, companies are anticipated to have the ability to compete extra successfully for prime expertise and foster a extra inclusive office tradition.
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The initiative can be stated to contribute to decreasing office discrimination and supporting balanced household duties.
Apollo innovation class chief Hayley Budd stated: “JustParent embodies the essence of groundbreaking insurance coverage options and is an ideal match for our Innovation Consortium at Lloyd’s. Enabling our shoppers’ enterprise to flourish is on the core of our technique and we’re proud to do that by setting a brand new customary in worker advantages. By no means has a product of this sort been so essential.”
Progressive Danger Labs CEO Ed Gaze stated: “That is no abnormal insurance coverage product launch. JustParent is about levelling the recruitment and expertise retention enjoying area for SMEs – and this at a time of historic labour shortage within the UK market.”
In November 2023, Apollo unveiled its intention to introduce a specialty treaty class of enterprise inside the reinsurance division of Syndicate 1969.
The corporate highlighted that the introduction of this new line of enterprise is a part of its efforts to ship important reinsurance options amidst growing market complexities.
Final 12 months, in August, Apollo launched into a ‘good comply with’ collaboration with Synthetic Labs, an algorithmic underwriting insurtech firm, to boost assist for London market brokers.
