Integrity Life focuses on SMEs

The insurer said it is the first group product of this type that offers an income benefit to the employer as well as the employee.

"The Five+ product is simple to understand and maintain and completely transparent. It is very much an off-the-shelf solution that is easy for business owners to understand, purchase and administer, and provides SMEs with a great way of protecting their greatest asset - their employees," Integrity Life managing director Chris Powell said.

Group insurance has traditionally been unavailable for SMEs with less than 20 staff due to the generally high cost of insurers.

The company will launch the products through a select group of national insurance broker networks before gradually extending it to the broader market over the coming months.

Powell said he expects the product to help SMEs and start-ups compete against larger competitors who are able to offer similar "perks".

"This new product will help employers create a compelling offer to lure the talent they need to grow their business on a cost effective and affordable basis," he said.

"Our early testing has told us that this product will appeal to a range of employers from, small offices to manual workers and from start-ups to well-established SME businesses, and everything in between."

Read more: SMEIntegrity LifeChris Powell
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