Analysis – Page 3
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AnalysisHow can group risk benefits support staff wellbeing?
If you read nothing else, read this…Initiatives that demonstrate employers are putting mental wellbeing on the agenda can encourage more open dialogue about mental health in the workplace.Employers can incorporate a preventative approach within health and wellbeing strategies by utilising the aditional services offered through group risk provision.Early notification can ...
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AnalysisHow can providers and advisers help employers to develop a group risk strategy?
If you read nothing else read this…Discussing benefits outside of the renewal cycle allows time for more in-depth strategic considerations.Group risk providers offer a range of additional services alongside core products that can help employers support their staff.Employers can draw on the combined expertise of advisers and providers to develop ...
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AnalysisCommunicating the value of group risk benefits
If you read nothing else, read this…To feel the full value of group risk benefits, employers should be aware of the advantages such benefits provide and the range of additional services that are available.An effective communications strategy will utilise a range of channels that reflect how employees want their benefits ...
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AnalysisThe cost impact of an ageing workforce
If you read nothing else, read this…As the workforce ages, employers will need to rethink the design and provision of healthcare and group risk benefit offerings.Limited-term or flexible group income protection (GIP) provision is likely to become more commonplace, as employers try to retain some form of provision for older ...
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Analysis
41, 42 How to integrate group risk benefits into a serious illness strategy
If you read nothing else, read this…Health screening can help control the cost of private medical insurance.Second-opinion medical services can result in a change of treatment or diagnosis.Group income protection can support an employee’s return to work on a part-time basis or into a lower-paid position.While a key part of ...
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AnalysisAre group risk benefits relevant to younger employees?
If you read nothing else read this…Benefits are more relevant to younger employees than they realise.Blanket group risk communications skew relevance.Younger employees getting a mortgage need insurances as a collateral for lenders to see.Technology can help improve employee perception of the relevance of group risk benefits.A large proportion of this ...
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AnalysisGroup risk in numbers
24%: the percentage of employees that would like to receive income protection, but currently only 6% do (Source: Canada Life Group insurance, May 2015) bit.ly/1R6eg3R1,529: the number of employees that were successfully rehabilitated back into work in 2014 with support from an insurer (Source: Group Risk Development [Grid], May 2015) ...
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AnalysisTop tips on how to cut the cost of group income protection
If you read nothing else, read this…The design of group income protection (GIP) schemes can be tweaked to provide a valuable benefit but at a cheaper price for employers.Using added-value services can save money on the cost of providing the benefit.The benefit should be promoted to staff to ensure a ...
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AnalysisKey trends impacting health and wellbeing benefits
If you read nothing else, read this…Preventative health and wellbeing support is a growing feature of employers’ workplace health support.Wellbeing-themed benefits that extend to supporting employees’ psychological and financial health are also popular.Data generated from wearable technology that tracks employee health can help organisations to shape their health strategies.Statistics:40% of ...
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AnalysisThe evolution of group income protection
When group income protection came about in the 1970s in the form of ‘permanent health insurance’, employers would dust off their policy when someone had been off sick for five or six months. By then, entrenchment would have set in, there would be little expectation of a return to work ...
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AnalysisHow has group life assurance evolved?
If you read nothing else, read this…Group life assurance is the most commonly offered benefit to employees.The benefit often now includes value-added services such as bereavement counselling.Group life assurance products continue to be driven by price rather than innovation. Historically, employers tended to offer life assurance as a bolt-on to ...
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AnalysisIs there a place for group risk benefits in a modern benefits package?
If you read nothing else, read this… The number of people of state pension age is projected to increase by 31% from 12.3 million in mid-2012 to 16.1 million by mid-2037, so employers need to consider older employees’ health needs .Legacy group risk benefits tend to have been brought together ...
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AnalysisWhat does group risk benefits provision of the future look like?
If you read nothing else, read this…Group risk benefits of the future need to reflect the UK’s ageing society.The growing dominance of procurement will stifle innovation in the group risk market. Employees need support to sustain any behavioural changes they make to boost their health and wellbeing. Group risk benefits ...
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AnalysisWhat should employers ask when implementing group risk benefits?
If you read nothing else, read this…Employers must first identify employee needs.They should then establish how their appointed insurer will help them implement their plan.A good insurer will help an employer manage its benefits spend and ongoing costs. Employers must establish a strong relationship with their group risk benefits consultants ...
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AnalysisWhat impact has pensions auto-enrolment had on the group risk market?
With the UK’s ageing population benefits packages will need to cater for employees with a potential age-range of 20-80, this holds many challengesThe introduction of pensions auto-enrolment from October 2012 helped to substantially boost the group life market without much effort on the part of insurers.Around 100,000 employees were enrolled ...
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AnalysisTop ailments claimed through group risk benefits
Looking at data shared by the UK’s leading group risk insurers, it is clear that cancer and heart disease top the list for group life assurance claims. For critical illness insurance claims, cancer and heart issues also lead the way, with heart attacks ranking second and strokes coming third. Meanwhile, ...
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AnalysisHow group risk insurances must adapt to an ageing workforce
If you read nothing else, read this…The group risk market needs to consider insuring staff that are willing and able to work past the state pension age.Employers should adapt their workplace for older staff and educate younger employees to mitigate the future impact of ageing.Group risk insurances only have to ...
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AnalysisWhat role do group risk benefits have in financial, mental and physical wellbeing?
If you read nothing else, read this…The provision and communication of group income protection and life assurance are key to securing employees’ sense of financial wellbeing.Added-value services, such as an employee assistance programme, can help to support staff with mental health issues.Early intervention and vocational rehabilitation are key elements of ...
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AnalysisThe top six myths about group risk benefits
If you read nothing else, read this …Legislative changes in recent years have simplified group risk benefits provision.Industry trends, such as lump-sum payouts for life assurance, are reducing employers’ costs.Group income protection is more than just a disability benefit.But growth in the provision of group risk benefits must be coupled ...
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