L&G Group Protection’s platform, Onix, has seen significant growth with application volumes increasing by 92 per cent, renewals jumping by 99 per cent, and new group income protection business growing by 85 per cent.
Onix is designed for policies covering 3 to 500 employees and is the first self-service platform to offer a three-year unit rate guarantee. It has handled over 1,800 requests for smaller policies over the past year.
The platform also saw a 55 per cent increase in quotes and a 30 per cent rise in new group life assurance business last year.
Additionally, intermediary usage rose by 30 per cent, while quote opportunities increased by 40 per cent and 82 per cent of cover applications were processed instantly without delays.
This all follows key upgrades to the platform, including discounted pricing, higher free-cover limits, and virtual GP services for policies covering up to 500 employees.
Engage Health Group founding director Nick Hale says: “Navigating the group risk market can often feel like an uphill battle, especially when it comes to the timely acquisition of quotes. The industry’s standard waiting period of up to three weeks for terms has been a point of contention for our clients, who are accustomed to the immediacy of today’s digital world. ONIX has been a game-changer in this regard, and it’s helped us to grow our portfolio.
“Its interface is not only user-friendly but also remarkably swift. A testament to its efficiency is our recent experience where we obtained saleable terms for a large client with 4,700 employees in a mere 48 hours – a feat that previously seemed impossible. This level of service is not just impressive; it sets a new benchmark for what clients can expect in terms of speed and reliability. ONIX’s performance has not only met but exceeded our expectations, solidifying its position as an invaluable tool in our industry.”
L&G Retail distribution director – group protection Colin Fitzgerald says: “The enhancements we made just over a year ago helped set new industry benchmarks. These, coupled with our Master Trust on Group Life and Added-Value services on Group Income Protection, underscore our commitment to delivering unparalleled value, helping bring workplace wellbeing and protection benefits to many more people.
“The figures we report today are testament to such value, speaking volumes about our service standards and efficiency too. In fact, today’s announcement not only reflects what we believe is Onix’s superiority, but also its transformative impact on the industry. By providing such a comprehensive and immediate ‘at your fingertips’ service we’re giving intermediaries back the time they need to make sure their customer needs are fully catered for; to spend valuable time discussing how L&G can help to meet their health and wellbeing needs.
“We see digital innovation as the ideal way to grow the market, saving intermediaries time throughout the customer journey from initial quotation to renewing the business at the press of a button. We’re here to help make sure everyone – intermediaries, employers and employees – grows and benefits from our investment in Onix.”
