New Product Aims to Support Parents and Caregivers

The caregiving sector is a growing one in the UK, as parents try to balance work and family life, plus older people or vulnerable adults also require care. This new insurance product is aimed at employers who want to support parents within their workforce, here are the details;

Yurtle, a B2B solution helping employers better support the caregivers in their workforce, is launching a novel insurance product, Protect+, to support employees who are parents and carers when their usual care breaks down. This unique insurance, developed in partnership with insurance carrier Convex and insurance brokers Price Forbes, provides an innovative solution designed to reduce unplanned absences and alleviate the impact of unexpected costs for carers.

The new insurance gives cash support to parents and carers when:

● Their dependent is discharged from hospital and care is required pending an assessment or provision of support by the local authority

● Regular social care is interrupted for any reason, for example due to staff shortages or illness of the carer

● A child up to the age of 15 is ill and unable to attend nursery or school

● A nursery is permanently closed and an alternative solution needs to be found

In these situations, cash from insurance can make a huge difference providing a valuable safety net until professionals can step in. This payment can be used to pay friends, family or alternative providers, vastly reducing the stress associated with the situation. It allows employees to better manage both their work and care responsibilities, reducing the need to take time off work at short notice.

The launch of this insurance addresses a growing problem for employers. It will help mitigate the impact of unplanned employee absence, which is on the rise. Childcare-related absence rose by 183% over the past 12 months. This insurance solution offers a cost-effective, alternative to backup care, which some employees find limits choice and for which employers need to set aside significant funds on their balance sheet.

The number of working carers is increasing too. Two million people take on care responsibilities for a relative every year and 44% of the UK workforce cares for either a dependent child or adult. All these people can experience a breakdown of their care arrangements at any time.

Antonio Ribeiro, Founder of Yurtle, said “This is an exciting innovation that will allow employers to address absence while better supporting carers in their workforce when they need help the most. Care breakdowns are very common – four out of five people caring for an adult have experienced one that has impacted their ability to work. These unplanned absences can be extremely stressful for the carer and not only affect their work, but that of those they work with, impacting productivity and profitability. With millions of employees taking on caring responsibilities every year, there is a growing need for employers to address this issue and take steps to mitigate the impact.”

Oliver Tozer, Class Underwriter, Accident & Health of Convex, said “At Convex, we are committed to delivering tailored insurance solutions which meet our clients’ needs. Yurtle’s dedication to innovation within an underserved demographic of the workplace uncovered a distinctive opportunity which aligns with our values. We are thrilled to collaborate with them to launch a groundbreaking product designed to support caregivers.”

Daniel Dunlop, Director Personal Accident & Contingency of Price Forbes, said “Yurtle offer an A* product supported by an A rated Insurer that enables caregivers financial support at the times when it is most needed”