Group Risk Quotes Working Group (GRQWG)
Group Risk is the term used to describe a variety of protection products that are typically purchased or offered by Employers to their Employees, typically:
- Group Life;
- Group Dependants’ Pension;
- Group Income Protection;
- Group Critical Illness.
Research by Criterion in 2018 identified these processes across the lifecycle of these products as key priority for support using standardised APIs for data exchange between insurers and employers (or their Employee Benefit Consultants):
- Mid Term Changes;
- Rate Review.
The Process & Standards Group approved the development of Standards to support the Mid Term Changes process; these were delivered at Draft Final in January 2020, following which market stakeholders confirmed an appetite to develop Standards for Quotations and associated processes, including rate review.