Ellipse is launching a business protection product allowing firms to cover their key employees and other critical staff.
The move is its first step outside the group market and CEO John Ritchie told WSB he was expecting it to create more flexibility for those looking at covering their key staff.
Instead of offering a set term (usually of around five years) for a fixed amount of coverage, the Ellipse product is expected to allow businesses to adapt their coverage as workforces and business priorities change.
"A five-year level annual premium is a lot of money and firms often don't want to do that," Ritchie said.
"For example, a key person in a firm might, two or three years later, not be a key person in the business any more. With this product, organisations can re-value their policy each year.
"Shorter-term contracts will allow development for the next generation of staff as management bring through their successors. So it could be useful for start-ups in a new territory or region."
Ritchie also emphasised that key roles were not necessarily restricted to managerial positions, noting that it could expand to "key people in surprising places".
Following a testing period, Ritchie said he expected the Ellipse product to be fully available by the end of the year.
