As our Group Risk Week, in association with Ellipse, draws to a close, it is time to reflect on some of the trends and issues currently shaping this area of the benefits market.
The group risk industry is relatively mature compared to some areas of the benefits market. Yet, despite its longevity, it has also seen slower growth than many other benefits.
According to Swiss Re’s Group watch 2018 report, published in April 2018, 378,062 more people became members of group risk schemes by the end of 2017 compared to 2016, representing an increase of 3.1%.
But, with some group risk benefits having existed in one form or another for close to 100 years, what does a modern group risk strategy look like? How have products, and how employers are using them, evolved to suit the needs of today’s workforce?
One issue that has risen in prominence in recent years is mental wellbeing; in this instance, specifically, the support that employers can offer around this in the workplace. As this becomes an increasing focus for employers’ health and wellbeing strategies, it is inevitable that organisations have begun to explore the role that group risk benefits have to play in a mental wellbeing strategy.
Of course, however employers utilise group risk benefits in their organisation, being able to demonstrate a return on investment will be key. In theory, the plethora of data that is now available, particularly from providers, can support this process, but what data should employers request and how can they use it to maximum effect?
However you use group risk benefits in your organisation, Group Risk Week was designed to help you take this to the next level through exclusive insights and opinions uncovering best practice in this area. These included:
- What does a modern group risk strategy look like?
- The role of group risk benefits in a mental wellbeing strategy
- How can employers calculate a return on investment on group risk benefits?
- Jeremy Benn Associates offers group risk benefits to support staff health
- Assurant offers healthcare support as part of mental wellbeing strategy
- Munich Re UK Services offers a number of group risk benefits
- Chris Morgan: Key themes for employers in 2018
- Katharine Moxham: Why group risk protection benefits tick all the boxes
- Group risk in numbers