Ellipse has automated its rate review process for its group life policies covering up to 500 members and group critical illness policies with up to 300 members.
The new process enables advisers to upload scheme information to Ellipse's online systems and obtain the rates that will apply once their clients' current two-year rate guarantees end.
Rate review quotations are produced within minutes, and are available weeks ahead of the date their terms come into force.
Ellipse CEO John Ritchie sees the new service as part of the digital insurer's commitment to treat customers fairly.
He said "It is hardly fair to inform clients of their revised terms either just before or - even worse - sometime after their current terms expire. Even so, this is what happens across much of the group risk market, even though letting clients know new terms in advance of their taking effect is actually one of the FCA's requirements.
"Clients and their advisers may want to review their cover and the base point for a review is knowing the cost if cover continues with their existing insurer on the current policy structure. We are confident that the terms we offer will be competitive, so we're not afraid to let our policyholders know what their renewal terms will be well before they take effect."
One of the earliest advisers to generate an online rate review quote was Mark Ansell from Lark Employee Benefits, who said "I found it a very straightforward process and great that within seconds of uploading the data I had my quote."
