Yurtle's new insurance product changes the game for backup care

Featured in The Times, Yurtle has developed an innovative, first-of-its-kind solution for working parents and carers that insures the services used by the children or adults they care for.

Richard Tyler, Times journalist, wrote Every working parent dreads the call: "Hello, it's the nursery. Your daughter is being sick; can you come and collect them now?" The call usually means leaving work or at the very least desperate calls to relatives, calling in favours.

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

 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.

The key differentiators of this product, when compared to existing backup care solutions are:

• A cost-effective solution, priced much lower than backup care credits
• A rapid payout of cash gives parents and carers choice and control over how they solve the issue (professional backup care, which can be found in our app, or paying friends and family)
• Not being tied into sourcing care from one provider, which may not suit everyone
• A fixed cost, which helps with 
  • Budgeting as the cost of employing staff rises
  • No increasing cost with utilisation, meaning no barrier to encouraging takeup
  • No need for a substantial sum set aside on balance sheet for backup care credits

This product is available now! Get in touch to discuss your needs or for a personalised quote.