An employee benefits platform offering group IP, critical illness, PMI and cashplans has gone live today and has been selected to enter the FCA’s regulatory sandbox safe trial zone.
Described by its creator as arguably the first robo employee benefits life insurance broker, Benefits.market has been created by created by fintech firm Systemsync, which also owns payroll to pension provider tech solution Pensionsync.
Products from Axa, Aviva, Canada Life and Ellipse are being offered through the proposition, with auto-enrolment data being used to populate quotes for employers within seconds.
Part of Project Innovate, the sandbox offers proposition developers a safe space in which to test new propositions.
Benefits.market is a self-service portal that is accessible to employers that use Pensionsync. Once activated, the technology automatically generates comparison tables based on analysis of payroll data, as payroll data flows through Pensionsync.
Star Payroll, Qtac, AutoEnroll.me and Accentra are offering Benefits.market to their customers.
Pensionsync says its technology can generate prices for insurance policies and display them in comparison tables in fractions of a second, removing the need for employee benefit consultants to perform the same tasks manually.
Systemsync says the technology also helps service those smaller employers that are not currently being targeted by advisers.
Systemsync CEO Will Lovegrove says: “We have launched what is arguably the first robo benefits broker for the workplace protection market. This is a bold and visionary tool which can help broaden engagement with start ups and SMEs and get these critical covers to more of the UK workforce.
“This innovation has the potential to change the way employers review and purchase benefits for their employees. Benefits.market expands the distribution of these types of insurance and makes financial protection simpler, cheaper and more accessible for employers of all sizes.”
