Innovative Risk Labs and Apollo have launched a new insurance offering designed to enable small to medium-sized UK businesses to provide comprehensive parental leave benefits without running the risk of prohibitive financial costs.
This innovative solution, known as JustParent, seeks to address the challenges faced by SMEs in providing comprehensive parental leave benefits while maintaining financial sustainability.
JustParent is poised to be a game-changer in employee benefits, offering SMEs the ability to provide substantial paid parental leave benefits, including full maternity and paternity pay for six months.
By addressing the financial challenges associated with parental leave benefits, JustParent aims to foster a more inclusive work environment and attract top talent to SMEs.
Commenting on the news, 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.”
Ed Gaze, CEO of Innovative Risk Labs, added, “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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