All Group risk articles – Page 14
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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 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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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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ArticleAviva in talks to acquire Friends Life
Aviva is in talks to buy fellow insurer Friends Life in a deal worth almost £5 billion.The merger would create the UK’s largest insurance and savings business with more than 16 million customers.It would also lead to a substantial increase in profits and assets under management at Aviva Investors.he merger ...
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ArticlePSHPC launches dependants' life cover
Employees will now be able to cover their partner on a group life assurance policy through a dependant’s benefit provided by Punter Southall Health and Protection Consulting’s (PSHPC) new group life product, Havensrock, which is insured by Scottish Friendly.Traditionally, group life pays a lump sum to an employee’s chosen beneficiary ...
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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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ArticleEmployers face 50% increases in group risk premiums
Employers face cost increases in their employee insurance premiums as the average age of the workforce continues to rise, according to research by Towers Watson.It found that when an organisation’s average employee age rises by five years, its group income protection premiums could increase by more than 50%.The research also ...
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Article77% cannot afford to live on statutory sick pay
More than three-quarters (77%) of employee respondents would not be able to afford to maintain a living on statutory sick pay if their income stopped tomorrow, according to research by PMI Health Group.Its research, which surveyed more than 600 UK employees in full or part-time work, found that nearly half ...
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Article14% of staff have seen benefits package improve in last year
Just 14% of staff have seen improvements made to their employee benefits package in the last year, according to research MetLife Employee Benefits. Its Bridging the protection awareness gap, Taking a fresh look at a long running issue research found that the majority of staff (66%) have not had any ...
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Video
How to review group risk benefits in your business
brightcove.createExperiences();This 12-minute video tutorial above covers:What are the challenges employers face when it comes to employee benefits?Can employee benefits provide a return on investment for employers?What are business issue to consider when reviewing or introducing benefits?What should employers look for when ...
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OpinionDavid Williams: Workplace support for cancer sufferers is key
Group risk providers are now offering much-needed support for the growing number of people surviving cancer in the UK and wanting to return to the workplace. This is because cancer survival rates are increasing all the time. According to charity Cancer Research UK, 50% of adult cancer patients diagnosed between ...
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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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Opinion?Katharine Moxham: Group life assurance gives employees peace of mind
They are primarily valued for providing financial protection for employees and their families, but they can support both employers and employees with far more than that.Group life assurance gives peace of mind that families will be financially looked after if the worst happens. Any bereavement support offered alongside the policy ...
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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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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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ArticleGroup risk report 2014
Read the digital edition of the Employee Benefits/Friends Life Group risk report 2014The report includes the following articles:David Williams: Workplace support for cancer sufferers is keyGroup risk in numbersWhat role do group risk benefits have in financial, mental and physical wellbeing?How group risk insurances must adapt to an ageing workforceTop ...
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Case Studies
The benefits offered by Sky
PensionTrust-based defined contribution scheme.Double-matched employer contributions to a maximum of 8%.About 4,000 employees were auto-enrolled on 1 April 2013.HealthcareA healthcare trust, available to all staff.Physiotherapy, which is in addition to the trust’s out-patient limit.On-site physiotherapy at some locations.An employee assistance programme.Health screening.Group riskGroup income protection (GIP) linked to the pension ...
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Article
Buyer's guide to group critical illness insurance 2014
The employee can decide how to spend the money: it could be used to fund medical treatment, make necessary changes to their lifestyle or pay off a mortgage.The medical conditions covered are determined by the critical illness insurer, which usually offers two levels of cover. Base cover will include about ...