The firm – which was bought by AIG this summer – largely provides group life and income protection products to the SME market.
One of the key changes it has made is removing the maximum number of employees covered on its GIP policy, known as ‘Sick Pay’. It has also added capability to provide more flexible benefits.
This policy will now be available for any employer with two employees or more, with no maximum.
Other improvements include a lump sum payment option following a limited term, a higher maximum benefit, more options when covering pension scheme contributions and greater flexibility to accommodate different state benefit deductions.
Ellipse’s chief executive Lee Lovett says these build on its existing proposition, which includes an employee assistance programme, day one early intervention and vocational rehabilitation.
Lovett says: “We’ve built up good experience in the SME market over the last few years, and with future growth and expansion plans in mind, [we want to] expand our Sick Pay proposition to make it available to the whole market.”
AIG bought Ellipse in the summer from Munich Re for an undisclosed sum.
Lovett adds: “As we work towards our integration with AIG Life, improving our products so that they appeal to more employers is a top priority, and GIP is first on the list.”
