Apollo and Innovative Risk Labs new insurance product to de-risk parental leave for UK SMEs
Apollo and Innovative Risk Labs have partnered to launch “first-of-its-kind” insurance product JustParent, a novel solution that aims to de-risk parental leave for small and medium sized UK businesses.
JustParent was designed to enable businesses to offer substantial paid parental leave, such as full maternity and paternity pay for six months – currently rare among smaller organisations due to its potential cost.
In turn, this offer would make the businesses more competitive in attracting top talent and helping promote a more inclusive work environment, the firms explained.
Hayley Budd, Apollo’s Innovation Class Leader, remarked: “JustParent embodies the essence of groundbreaking insurance solutions and is a perfect fit for our Innovation Consortium at Lloyd’s. Enabling our clients’ business to flourish is at the core of our strategy and we are proud to do this by setting a new standard in employee benefits. Never has a product of this kind been so important.”
This initiative, it was highlighted, is a step towards reducing workplace discrimination and supporting more balanced family responsibilities.
Ed Gaze, CEO of Innovative Risk Labs, commented: “This is no ordinary insurance product launch. JustParent is about levelling the recruitment and talent retention playing field for SMEs – and this at a time of historic labour scarcity in the UK market.
“It’s about transforming family lives for the better and enhancing inclusion at work across the country. It’s about enabling diversity to flourish in sectors traditionally hamstrung by risks around parental leave. A lot of work has gone into this product and we can’t wait to take it to customers across the UK.”
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