The insurer says it designed ONIX to expand their reach into previously untapped areas, such as small businesses, and in the past year has received over 1,800 requests to L&G for smaller policies through the platform, which offers a three-year unit rate guarantee for policies covering from just 3 to 500 employees.
In terms of ONIX’s performance, 2024 saw a 99% increase in renewals, 92% growth in application volumes, 85% rise in Group Income Protection new business, and a 55% surge in overall quote volumes. It also saw a 30% increase in Group Life Assurance Benefit new business annual premium equivalent (APE). Intermediary use of the platform increased 30%.
The provider says the surge in performance can be largely attributed to enhancements - such as discounted pricing and higher free-cover limits - made just over a year ago.
Nick Hale, Founding Director of employee benefits consultancy Engage Health Group, said: “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.”
Colin Fitzgerald, Distribution Director – Group Protection, L&G Retail said: "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.”
