Benefits of our Group Insurance Policies
In Pitsas Insurances we offer an excellent range of options for corporate groups. For small groups especially, we offer discounted prices, flexibility about their choice of benefits, and preferential underwriting terms.
We are often asked ‘what is your minimum size for an employee group?’. We can actually set up a group scheme with just a single employee. Why would this be of interest to a company? Firstly, the premium will be at a small discount to the price which would be paid by an individual (non-group) applicant. But the main advantage is that it makes it very easy for the company to add more employees at a later date. This is great for start-ups. Once the group certificate has been set up, additional members can join at any time and simply pay a pro rata premium for the remainder of the certificate year. The new members do not even have to choose the same benefits as I’ll explain next.
With our group schemes, the employees can have different benefit levels, or different Areas of Cover, different annual excesses and so on. The minimum size for any such ‘sub group’ is just a single employee. This means we can help a company tailor the group scheme’s benefits to suit their employees, for example to match job hierarchies within the group, or for different geographical risks - and so on. This flexibility is offered to groups of any size, including those - as above – which start from just a single employee.
We offer more substantial price discounts for groups with 4 or more employees. The discounts get progressively greater the larger the group, i.e. for 10+ employees, 25+ employees and so on. If a group starts small, e.g. with 2 or 3 employees, and then grows, the group will enjoy the appropriate discount for its new size from its next renewal.
Perhaps our most significant offer for small groups is preferential underwriting terms. We can offer Medical History Disregarded terms to groups as small as 5 employees. We ask the group administrator to answer two simple medical questions, to the best of his or her knowledge. One question asks whether any group member has had cancer in the last five years, and the other asks if any member has a condition which is likely to result in the need for an in-patient stay in hospital. If both questions are answered ’no’ then we will cover the members for their new and existing medical conditions (i.e. with immediate effect, without any moratorium).
One final and significant offer for groups. Small group schemes with Pitsas Insurances are ‘community rated’ at renewal. In other words, we will not take account of the group’s claims history when we calculate the renewal terms. This makes the renewal premiums easy to manage - even if large claims are made.