Criterion has launched a new Standards Development project to develop a Standard to support Group Risk Mid-Term Changes (formerly referred to as “Renewals”).
The Working Group is currently comprised of four Group Risk Product Providers: Legal & General (Proposer), Canada Life, Unum and Lloyds Banking Group (Seconder); Employee Benefits Provider AON; and leading FinTech company Origo Services Limited. The project will run for 6 months with approximately three months allocated to business requirements gathering and three months to technical standards development. Criterion welcomes further interested parties to participate in the Working Group.
Nick Green, Solutions Director, said “Group Risk is a fresh domain for Criterion and will result in new processes being documented and added to the existing Process Architecture. Criterion looks forward to working with our Group Risk stakeholders in the development of this new Standard.”
This work stems from research undertaken by Criterion in 2018. Beyond Mid-Term changes, that research also identified other priorities such as Quotations and Rate Review as areas which could benefit from Standards work. These will be considered at a later date.