All Group risk articles – Page 2
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ArticleUK group risk industry paid £2.21 billion in claims in 2022
The UK group risk industry paid out £2.21 billion in claims in 2022, equivalent to £6.05 million per day, according to data published by Group Risk Development (Grid). There were 261,631 interactions during 2022, with additional help and support services from group risk insurers, with 27% receiving access to counselling, ...
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AnalysisHow to position group risk benefits to support long-term health issues
Communicating the value of group risk products and the areas in which they protect staff is key.Group risk schemes often offer added services that can further support staff.Early intervention can increase return-to-work rates following a long-term health issue, so it is key to communicate who staff can contact and when.Group ...
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Case StudiesGi Group promotes group risk benefits that support long-term health issues
Recruitment firm Gi Group offers group risk products to support its employees experiencing a range of health conditions that affect both their mental and physical health.The group, which employs more than 650 workers, offers life assurance at four times employees’ basic salary from day one of employment, critical illness insurance, ...
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ArticlePam Group launches enhanced reward package
Occupational health and wellbeing firm Pam Group has introduced a range of employee benefits and rewards for its 700 employees as part of its recruitment and retention strategy.The improved package includes an employer funded group income protection scheme, through which staff on sick leave will receive 60% of their annual ...
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AnalysisHow to create a return-to-work support plan for newly injured or ill staff
A return-to-work plan should be devised collaboratively between the employer and employee.The best plans will be flexible depending on the condition and circumstances involved, continually evolve, be kept under review and aim to achieve a sustainable return.Having holistic benefits, such as using the value-added services provided alongside group risk products, ...
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Case StudiesThames Water offers bespoke return-to-work plans for its workforce
Thames Water, which employs more than 7,500 members of staff, operates tailored, individual return-to-work plans for sick or injured employees.The water and wastewater services provider, which operates across London, the Thames Valley and surrounding areas, has an in-house occupational health team, which receives management referrals for employees who are unwell ...
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ArticleOnly 15% of employees have their own income protection
Just 15% of working adults have their own income protection (IP) policy in place, while 12% have IP provided by their employer, according to research by protection specialist LV=.To mark Income Protection Awareness Week (17-21 October), LV= surveyed 4,000 UK adults to explore their attitudes to IP. The research also ...
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AnalysisHow is the current state of play in the NHS impacting the group risk market?
Need to know:Non-core benefits, such as virtual GP services and employee assistance programmes, can help employees access healthcare.Interest in health insurance products, such as private medical insurance and health cash plans, has increased.More cancer claims may materialise as a result of difficulties accessing NHS services.Pressure on the NHS during the ...
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Case StudiesGroup risk benefits provide critical support for Ciphr's staff
Ciphr has always offered an extensive range of health benefits including life insurance, employer-paid private medical insurance and annual health assessments for its 230 employees. However, until a couple of years ago, it had not promoted these benefits fully.Claire Williams, chief people officer at Ciphr, says: “The pandemic made us ...
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ArticleOnly 22% of employers target benefits to specific demographics
Less than a quarter (22%) of employers target benefits to specific demographics in their workforce like age, lifestyle and risk factors, according to research by Towergate Health and Protection.The survey of 500 HR decision makers found that 57% offered the same benefits to all staff, and 18% differentiated their benefits ...
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ArticleGroup critical illness cover claims for 2021 reach £13.2 million
Group critical illness cover claims nearly doubled from £7.2 million in 2020 to £13.2 million last year, according to new research.Figures released by financial services firm Legal and General highlight that it paid just over£335 million in group protection claims, including life assurance, income protection and critical illness, in 2021, ...
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ArticleGroup risk industry paid out £2.22 billion during 2021
A total of £2.22 billion was paid out by the group risk industry during 2021, which is an increase of £208.4 million on 2020, according to data compiled by Group Risk Development (Grid).In total, 6,113 employees were helped back to work after a period of sick leave. There were 220,886 ...
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AnalysisWhat does the group risk market look like post-pandemic?
Need to know:The pandemic has focused minds on health and wellbeing, and fuelled growing interest in group risk products.Employers are looking to extend cover to wider cohorts of employees.Long Covid and the surrounding mental health and wellbeing challenges mean group risk products are becoming increasingly important.To maximise these products, communication ...
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Case StudiesTrayport adds group income protection to reassure employees post-Covid
Energy trading software firm Trayport introduced group income protection via Zurich during the pandemic in January 2021, to provide added reassurance to its UK employees.David Glennon, rewards manager at Trayport, says: “When Covid came along, we wanted to find opportunities to give our employees additional peace of mind. We already ...
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ArticleIn-force group risk policies up 4% in 2021
New research has revealed that the number of in-force group risk policies increased by 4%, from 81,055 in 2020 to 84,369 in 2021.According to reinsurance firm Swiss Re’s Group watch 2022 report, the number of people insured rose from 13.3 million by the end of 2020 to 14.1 million by ...
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ArticleEXCLUSIVE: 80% rise in worker Covid death pay outs
The amount of money paid to dependents of employees who died with Covid-19 (Coronavirus) soared in 2021, research has revealed.Data collected by reinsurer Gen Re showed an 80% increase last year in the value of group life assurance pay-outs involving Covid-19 on a death certificate or claim form.The figures, sourced ...
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Case StudiesThe benefits offered by Trayport
The benefits on offer at Trayport:Pensions and financial wellbeingGroup personal pension plan with Aviva with a 7% employer contribution.Regular financial wellbeing talks and webinars.Access to a financial advisor.Option to save into an individual savings account (Isa) directly from payroll.Group riskGroup income protection for all employees, employer paid.Life assurance at four ...
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Case StudiesSevern Trent Water ensures employees are supported through group risk benefits
Severn Trent Water ensures that all members of its workforce have an comprehensive group risk package to protect themselves or their family in difficult circumstances.As part of their core package, employees at the water company receive up to six times salary life insurance, accident insurance and group income protection (GIP) ...
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AnalysisHow can employers raise awareness of the value of group risk benefits?
Need to know:Group risk benefits provide critical financial support when employees need it most.Many group risk policies offer valuable add-on benefits such as virtual GP services and employee assistance programmes, but employees need to be aware that these are available through their employer.In difficult circumstances, such as the Covid-19 (Coronavirus) ...
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OpinionKatharine Moxham: The benefits of group risk need to be regularly communicated
Group risk benefits, that include employer-sponsored life assurance, income protection and critical illness benefits, have emerged as a must-have from the Covid-19 (Coronavirus) pandemic as we’ve seen a fundamental shift in attitude from “it won’t” to “it could" happen to me.As well as paying out £218.7 million in Coronavirus-related death ...