UK-based reinsurance company Apollo, in partnership with Lloyd’s of London broker Innovative Risk Labs, has unveiled a new insurance offering for SMEs in the UK.
Called JustParent, the new insurance product is designed to mitigate the financial risks associated with parental leave for UK SMEs.
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The offering seeks to enhance employee benefits by enabling companies to provide full maternity and paternity pay for up to six months, a rarity among smaller businesses due to the associated costs.
JustParent is expected to be a transformative solution in the realm of employee benefits, allowing SMEs to offer substantial paid parental leave.
The product addresses a significant gap in the market, where lengthy parental leaves are uncommon among smaller organisations.
By facilitating such benefits, businesses are expected to be able to compete more effectively for top talent and foster a more inclusive workplace culture.
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By GlobalDataThe initiative is also said to contribute to reducing workplace discrimination and supporting balanced family responsibilities.
Apollo innovation class leader Hayley Budd said: “JustParent embodies the essence of groundbreaking insurance solutions and is a perfect fit for our Innovation Consortium at Lloyd’s. Enabling our clients’ business to flourish is at the core of our strategy and we are proud to do this by setting a new standard in employee benefits. Never has a product of this kind been so important.”
Innovative Risk Labs CEO Ed Gaze said: “This is no ordinary insurance product launch. JustParent is about levelling the recruitment and talent retention playing field for SMEs – and this at a time of historic labour scarcity in the UK market.”
In November 2023, Apollo unveiled its intention to introduce a specialty treaty class of business within the reinsurance division of Syndicate 1969.
The company highlighted that the introduction of this new line of business is part of its efforts to deliver essential reinsurance solutions amidst increasing market complexities.
Last year, in August, Apollo embarked on a ‘smart follow’ collaboration with Artificial Labs, an algorithmic underwriting insurtech company, to enhance support for London market brokers.
