Innovative Risk Labs and Apollo launch first-of-its-kind insurance product ‘JustParent’, de-risking parental leave for Small and Medium-sized UK Businesses
London 29 February 2024 – Innovative Risk Labs, in partnership with Apollo, today announces the launch of JustParent, a novel insurance product primarily designed for small to medium-sized UK businesses. This pioneering solution enables employers to provide comprehensive parental leave benefits without running the risk of prohibitive financial costs.
JustParent aims to be a game-changer in employee benefits, enabling 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 – thus rendering them competitive in attracting top talent and helping promote a more inclusive work environment. This initiative is a step towards reducing workplace discrimination and supporting more balanced family responsibilities.
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, 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.
For more details on JustParent, please visit www.justparent.co.uk
About Apollo
Apollo is an innovative integrated insurance Group dedicated to providing high quality products and services to clients, brokers, and capital partners at Lloyd’s.
We offer insurance products across Property, Casualty, Marine, Energy & Transportation, Specialty, Reinsurance and Smart Follow divisions through Syndicate 1969. Through Syndicate 1971 we offer digital & embedded risk programmes.
Our Strategic Partner Syndicates business supports new Lloyd’s entrants from initial concept to full managing agency services.
About Innovative Risk Labs
Innovative Risk Labs is a Lloyd’s of London broker focused on innovative insurance products. Run by Ed Gaze and chaired by James York, we connect the centuries-rich depth of underwriting capacity in UK markets with today’s cutting-edge insurtech start-ups to build and scale the insurance products backing tomorrow’s growth.
Media Contacts:
Peter Rigby / Caroline Klein /Bec Seaton, Haggie Partners
+44 20 7562 4444
apollo@haggie.co.uk