Omnilife Client? As They Exit The UK Market What Are Your Options?

by Nadeem Farid
Head of Employee Benefits at Drewberry

Omnilife, a player in the UK Group Risk and Employee Benefits market, has announced that it will start running down its book of group protection business with immediate effect. Existing quotations and policies that began prior to 1st July will be included within the scope of the transition.

The reason behind the move is RGA’s acquisition of Omnilife’s on February 1st 2019. It was a trigger for Omnilife to reexamine its strategic priorities, at which point it decided that the UK group risk market was a market it wished to leave.

What Happens if You Do Nothing?

Omnilife has joined forces with Legal & General, which will work with Omnilife’s intermediary partners to switch clients to Legal & General by the next policy anniversary.

Is Now the Time to Review Your Policies?

It’s always good to periodically review the market for Group Risk as so much can change each year, but when something big happens like a provider exiting the market entirely it’s definitely worth taking a look at the options available.

Legal & General may not be the best provider for every Omnilife client — businesses aren’t one size fits all, even if Legal & General has offered some favourable terms for those switching from Omnilife.

Conducting a full review and obtaining quotes from all of the leading UK providers you will be able to see just how competitive the Legal & General terms are and may well find more competitive quotes, or cover that is better-suited to your company and workforce.

You could do this yourself, which would involve trekking to each individual insurer with all of your employee data and procuring quotes one by one. However, this can be time consuming and isn’t always a practical option for everyone.

If you would like some help conducting a full market review please do not hesitate to get in touch, pop us a call on 02084327333 or email help@drewberry.co.uk.

Why Speak to Us?

We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us:

• There is no fee for our service
• We are independent and impartial
  Drewberry isn’t tied to any insurance company, so we can provide completely impartial advice to make sure you get the most appropriate policy based solely on your needs.
• We’ve got bargaining power on our side
  This allows us to negotiate better premiums for you than you going direct yourself.
• You’ll speak to a dedicated expert from start to finish
  You will speak to a named expert with a direct telephone and email. No more automated machines and no more being sent from pillar to post – you’ll have someone to speak to who knows you.
• Benefit from our 5-star service
  We pride ourselves on providing a 5-star service, as can be seen from our 3895 and growing independent client reviews rating us at 4.92 / 5.
• Benefit from the protection of regulated advice
  You are protected. Where we provide a regulated advice service we are responsible for the policy we set-up for you. Doing it yourself or going direct to an insurer won’t provide this protection, so you won’t benefit from these securities.
• Claims support when you need it the most
  You have support should you need to make a claim. The most important thing when it comes to insurance is that claims are paid and quickly. We are here to support you during the claims process and make sure it’s as smooth and stress free as possible.
• A personalised benefits page for your business
  We want to make it easy for your employees to access and use their benefits. Get a custom landing page containing your policy details, important documents and exclusive discounts 👍 – see example.