Paradigm Group’s specialist protection arm Paradigm Protect is to offer group risk products to its members, to help them capitalise on significant growth in the market.
The move is designed to take advantage of opportunities thrown up by the government’s auto enrolment programme, said Mike Allison, head of protection at Paradigm.
Most employers offer life insurance - one of the three products under the group risk umbrella, along with group income protection and critical illness cover - as part of pension provisions, but he suggested the group risk panel launch would allow its member firms to make the most of new market opportunities.
The move comes as a study by insurer Swiss Re on group risk in the UK revealed 310,000 more people became members of group risk schemes in 2015, compared to 2014.
Mr Allison added: “Over the past few months we have been having discussions with all the major players in the marketplace and they have developed specific and, in many cases, unique propositions for Paradigm Protect firms.”
Richard Edwards, national broker development manager at insurer Unum - one of the firm’s on the panel - said: “We are always keen to develop opportunities with quality distributors like Paradigm and see this as a great opportunity for both parties to benefit.”
Last May, Paradigm Protect partnered with health insurance advice specialists ActiveQuote, allowing its members who are not active in the health insurance sector to refer clients and receive 25 per cent commission.
