A new group life insurance product for SMEs, bundled with an employee benefits platform in just 4 months.
Pinnacle Life made their mark as a retail insurer, with a point of difference being their online direct sales capability. They spotted a gap in the market for a group life and trauma product aimed at smaller businesses. Pinnacle Life had no internal systems capable of running and administering a group insurance product - until they discovered Sentro...
Sentro enabled Pinnacle Life to launch a brand new SME group life and trauma insurance product in four months. Pinnacle Life developed the Cornerstone Employee Cover product for companies with as few as 5 employees – a market first in New Zealand. Sentro worked collaboratively with Pinnacle Life and a network of brokers and advisers to configure a policy administration platform for Cornerstone, and also to integrate it directly into an employee benefits platform that brokers could sell to their customers and employees.
A key feature of Cornerstone Employee Cover is monthly billing. Group schemes are usually billed annually, however, SMEs find managing cashflow for large annual lumps of spend quite difficult. Monthly billing allows employers to manage their group insurance spend in much the same way as they do their utilities and other subscriptions. Sentro enables Pinnacle Life to bill Cornerstone Employee Cover monthly, without incurring administrative overhead. Sentro technology also powers the branded Belong digital employee benefits product which delivers employee benefits to thousands of New Zealand employees. Sentro provides the product quotation interface for the brokers, as well as ongoing operational support to both Pinnacle Life and their broker network.