All Group risk articles – Page 16
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Article
Group risk industry paid £1.2bn in claims in 2012
A total of £1.2 billion was paid out by the group risk industry during 2012, according to research by industry body Group Risk Development (Grid).Its research compiled claims statistics to reveal the breakdown of benefits paid out by products, such as group life assurance, group income protection and group critical ...
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Article
Friends Life simplifies death-in-service claims process
Friends Life has simplified its death in service claims process by removing the need for claimants to show an original death certificate.The service, which provides financial support if an employee dies, will now verify the death in service instantly through the government records office.The online tool allows claims to be ...
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Article
QVC reduces group risk costs by 63%
EXCLUSIVE: QVC has reduced its group income protection (GIP) costs by 63% over the past three years.The home shopping channel, which has 2,000 employees, had historically provided full-term GIP for the 600 members of its defined contribution (DC) pension scheme.It consulted with Towers Watson’s healthcare and risk consulting practice to ...
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Article
Buyer's guide to critical illness insurance
The conditions covered by CII policies vary between insurers, but core critical illnesses that are typically covered include cancer, heart attacks and strokes. There is also often access to additional cover for other serious conditions.CII policies are relatively easy to implement, and as long as the amount of cover is ...
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ArticleClare Bettelley: Lipservice is no substitute for proactive wellbeing support
The Department of Health is ringfencing £50 million to support surgeries that want to extend their working hours, which is an ambitious, some might say foolish, move given the £20 billion worth of savings the NHS has been tasked with making by 2015.And where will the extra doctors come from ...
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AnalysisHow to support employees affected by cancer
If you read nothing else, read this…Employees often remain in work after their cancer diagnosis.Employers may be required to make reasonable adjustments to support an employee’s return to work.Line managers require training about how to communicate with staff affected by cancer.A common mistake some employers make when selecting employee benefits ...
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Article
L&G adds stress toolkit to income protection product
Legal and General has enhanced its group income protection product to help reduce the impact of staff absence.It has added a new interactive stress toolkit for line managers, called Prehab Services.The product, which has been developed with charity Rethink Mental Illness, includes:A stress management challenge, which allows line managers to ...
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Analysis
Five top tips for getting the most from a group risk provider
If you read nothing else, read this …It is important to check out the insurance extras offered by group risk providers.Employers should question providers about the group risk market and what additional benefits may be available to them.Industry changes, such as pensions auto-enrolment, can present an opportunity to review a ...
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Case StudiesHSBC implements new all-employee benefits strategy
The streamlining project will culminate in the delivery of a new benefits proposition in 2015 that will provide all employees with a suite of competitive benefits regardless of their role or career band.Maria Strid, head of performance and reward, says: “As with any large organisation comes a degree of complexity, ...
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Article
Third of respondents unaware of employer's sick pay policy
Nearly 30% of respondents had no idea what their employer will pay them if they have to take sick leave, according to analysis by not-for-profit insurer PG Mutual.The research, which analysed the previously unpublished Pharmacists’ Defence Association (PDA) Survey 2012, which questioned 830 PDA members, found that UK employees are ...
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Analysis
Critical illness insurance is in demand
If you read nothing else, read this:Take-up of group critical illness insurance has been increasing steadily.If the cover is below £250,000, there is no medical underwriting, reducing administration costs.Flexible arrangements may be the best way to offer critical illness cover.The take-up of most group risk benefits has stuttered during the ...
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Case Studies
DAS UK Group staff value income protection and life cover
Paul Timmins, chief operating officer at DAS UK Group, says: “It has been a deliberate part of our business strategy to offer these products because we want to attract and retain high-quality and skilled staff.“We employ a large number of lawyers, accountants, actuaries and other insurance and legal services professionals, ...
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ArticleBenefits failing to adapt to changing workforce demographic
Employee benefits have failed to adapt to the changing workforce, leaving UK workers financially exposed, according to research by Cass Business School and commissioned by Unum.The Keeping pace? Financial insecurity in the modern workforce report found that the modern workplace has 13% more female employees, 46% more older employees and ...
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Article
UK workers unaware of income protection options
More than half (51%) of respondents mistakenly assume their employer would pay full salary for at least three to six months in the event of an illness that prevents them from working, according to research by think tank Demos.The research, Investigating how to protect financial wellbeing during times of austerity, ...
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Article
Canada Life moves to electronic claims forms
Canada Life started to accept electronic employer claims forms for its group income protection and group critical illness contracts from 1 April.Previously, employers had to complete the claims forms manually and send it via post. The new electronic system will save employers time and administrative effort, as well as getting ...
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Article
Legal and General adds face-to-face counselling to GIP
Legal and General has added free face-to-face counselling sessions to its group income protection (GIP) product.Employees covered by a Legal and General GIP policy can have up to five face-to-face counselling sessions if needed.The sessions are offered as part of Legal and General’s enhanced employee assistance programme (EAP), which is ...
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Article
Group risk premiums up by 9.7% in 2012
Total paid group risk premiums in the UK rose by 9.7% in 2012, according to research by reinsurance provider Swiss Re Group.The organisation’s Group watch 2013 report, which surveyed 43 organisations, revealed that there were some increases in rates, as well as in the overall numbers of lives and schemes ...
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Article
MetLife launches master trust for SMEs
Insurer MetLife has launched a master trust for small and medium-sized enterprises (SMEs).The MetLife Master Trust helps employers insure lump-sum death benefits for staff and their partners to avoid the cost and administrative time involved in setting up their own pension scheme, as well as having to appoint trustees and ...
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Article
Sergeant review of financial products published
An independent steering group set up by the government has published its final recommendations, Sergeant review of simple financial products, on simplifying financial services products, such as life insurance products and savings accounts.While the report does not immediately change anything for employers, it does indicate that they should play a ...
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Article
Dairy Crest communicates doctor’s service to staff
EXCLUSIVE: Dairy Crest has rolled out a series of presentations to its 5,300 employees to tell them about the second-opinion doctor’s service that it added to its group income protection (GIP) scheme in 2012.The presentations, which will continue until early May, started with a briefing for 60 staff at the ...