The insurer says it wants to win genuine new business by making it simple for wealth managers to introduce group risk to medium-sized businesses owned or managed by clients they currently give individual advice.
Ellipse hopes to engage advisers that have traditionally avoiding the sector by making the process quicker by offering online automated quotations and underwriting.
Commission can be taken through a customer agreed remuneration structure, or through fees, and Ellipse says it will have no cap on the level of agreed commission that can be taken, although its process will send an automatic reminder to advisers taking 15 per cent or more that commission will be disclosed to the employer and employee.
Ellipse is taking its proposition out to the market in a series of roadshows to financial advisers that starts in October in Belfast, and covering Edinburgh, Leeds Birmingham, Bristol and London.
Ellipse chief executive John Ritchie says: We will be offering binding products through the web for companies with up to 300 lives. This service is targeted at a generalist IFAs as we aim to open up the group risk market to wealth managers’ clients who are owner managers of businesses and who have previously thought that corporate business is not profitable for them.”