Solution Underwriting has announced the release of four new products as part of its accident and health offering.
The underwriting agency has added cover for journey accident, voluntary workers, individual personal accident and sickness and group personal accident and sickness to its A&H stable.
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Anita Lane, director of Solution Underwriting, said that the expanded suite follows the launch of Solution’s corporate travel cover earlier this year as the firm has been “asked by several brokers to create a SME solution for the other A&H products.”
“We have spent time developing relevant, competitive and attractive policies for our brokers’ clients,” Lane told Insurance Business.
Journey accident cover is designed to protect employees on their commute to work across Australia, excluding the Northern Territory, and offers a lump sum benefit or weekly accident benefit to insureds not covered by Workcare, Lane said.
The voluntary workers policy offers personal accident cover for all declared voluntary workers while they are engaged in voluntary work and covers a broad range of activities. According to the Australian Bureau of Statistics, 31% of Australians engage in voluntary work each year with the Solution cover offering a student tutorial benefit, should the volunteer be school age, or domestic help benefit for elderly volunteers injured at work.
Lane added that the development of the individual personal accident and sickness policy alongside the group personal accident policy, saw the firm look to provide “comprehensive and competitive” coverage.
“Although underwritten differently the philosophy of insuring an individual or a large group is the same,” Lane continued. “We are mindful that we are intending to insure a life, in an event of accident death, lump sum benefits, in the event of injury, and offer a weekly benefit in the event of injury or sickness – this impacts people lives, their livelihood and their ability to look after their families.”
For brokers, Lane said that the A&H market provides an opportunity to get closer with clients in an educational role as more businesses look to company benefits to attract and retain staff.
“With a very strong direct market presence it is critical that brokers understand the benefits on offer and how they differ from some ‘thrown in’ products that some credit card facilities offer their customers,” Lane said.
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