In January Lorica will launch a new fixed cost flexible benefit product aimed at small and medium enterprises (SME).
Cube Uno, the sister product of Lorica’s flex solution Cube, will comprise of seven pre-populated benefits, total reward statements and a discount scheme with around 600 discounts available to employees.
The Cube Uno platform can be built, distributed and implemented in 48 hours and will cost employers £5 per employee per year regardless of company size.
Aimed specifically at the SME marketplace, the pre-negotiated benefits are childcare vouchers, bikes for work, critical illness cover, private medical insurance, medical cash plan, dental cover and leisure travel insurance.
The total reward statements will be live on the Cube Uno system, but employers will also be able to print them, or email a hard copy to staff.
Tobin Murphy-Coles, director flexible benefits and marketing Lorica, said: “Our research shows there is a strong requirement for employee benefits technology, particularly around total reward statements and the provision of benefits via technology, in the SME space.
“It has been recognised now that SMEs have a big part to play in benefits provision, and for the first time the marketplace is starting to think about how benefits are distributed into SMEs.
“So far, flex has been the preserve of the largest companies in the UK. The plan with this is to turn that around so that it’s not anymore."
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