The term ‘group risk’ is used to describe a variety of protection products that are typically purchased and offered by employers to their employees, such as group life assurance and group income protection. This Standard focuses on group life assurance, which is a product that provides a lump sum benefit to the employee’s beneficiaries in the event of their death.
The Group Risk Quotes – Group Life Assurance Standard enables employee benefit consultants, advisers who are acting on behalf of employers, and employers directly, to obtain new provider, rate review and repricing quotations efficiently for group life assurance products.
This Standard provides support to the quotation process by detailing messaging flows and the structure of the data that is exchanged in both the quote request and response messages sent to, and received from, group risk providers. The exchange of these request and response messages is defined within an OpenAPI specification, facilitating the seamless flow of data, automation and an efficient end-to-end quotation process.
