GRiD members operate in the field of Group Life Assurance, Group Income Protection (formerly known as Permanent Health Insurance) and Critical Illness Benefits. These benefits are sponsored by the employer who can either pay for the benefit, making it a part of the remuneration package, or collects the premiums through deduction from salary. In either event, the employee benefits by means of reduced rates and /or a free cover limit - see below. The essence being that the employer is putting together a group of people who are all dealt with in a similar manner.
Group Risk needs a voice - The insurance industry has come to learn that if the merits of its products are to be appreciated by the public it needs to co-operate in delivering that message. For too long employers and employees have not been aware of how valuable group risk protection benefits are. A new group, comprising of organisations connected with this industry, has formed to avoid the problems, by agreeing to work in harmony to promote an important concept.
Group Risk Development (GRiD) is a lobby group promoting group protection benefits. Although officially launched in March 1998, the founding members were gathering informally since 1997. The membership is growing and includes insurers, reinsurers and intermediaries. GRiD believes it now represents virtually all the offices that write UK group business, but will consider any others who want to join. It does want more intermediary members and, in future, may widen the membership base to other groups. At present, it is restricted to UK business.
Last updated: 18th June 2005