All Group risk articles – Page 3
-
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 ...
-
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 ...
-
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 ...
-
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 ...
-
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, ...
-
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 ...
-
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 ...
-
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 ...
-
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 ...
-
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 ...
-
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 ...
-
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) ...
-
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) ...
-
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 ...
-
Case StudiesInspired Villages regularly informs staff of valuable benefits available
Inspired Villages runs six retirement villages around the UK, with a further 29 planned over the next 10 years. Since starting with 25 colleagues in 2017, it has grown its workforce to 300, with 200 working in the villages providing services such as catering, maintenance and exercise classes. The remainder ...
-
Analysis
Infographic: Group risk benefits engagement in numbers
!function(e,i,n,s){var t="InfogramEmbeds",d=e.getElementsByTagName("script")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement("script");o.async=1,o.id=n,o.src="https://e.infogram.com/js/dist/embed-loader-min.js",d.parentNode.insertBefore(o,d)}}(document,0,"infogram-async");Group risk engagement in numbers 2021Infogram
-
AnalysisDo group risk benefits need a different communications approach?
Need to know:Too much technical information is a turn-off when it comes to raising awareness of group risk benefits.Focusing on the embedded health and wellbeing services enables employers to communicate group risk regularly and with messages that will be relevant to more employees.Simple steps such as changing a group risk ...
-
ArticleMore death benefits paid in first half of 2021 than all of 2020
Research has revealed that dependants of employees with insured employer-sponsored death benefits have received more financial payouts due to Covid-19 (Coronavirus) in the first half of 2021 than the whole of 2020.Group Risk Development (Grid), the industry body for the group risk sector, also found that nearly 10 million UK ...
-
Article20% of employers offer no support for ill staff
New research has revealed that one in five employers do not offer any form of support for newly injured, ill or disabled staff.Research undertaken on behalf of Group Risk Development (Grid), the industry body for the group risk protection sector found that of the four in five who do offer ...
-
Article80% of employers find absences difficult to record
Four in five employers that measure the impact of sickness absences admit it has become more difficult since Covid-19 (Coronavirus).According to research undertaken on behalf of Group Risk Development (Grid), while 85% of UK organisations record employee absences, just 63% actually measure the impact of sickness absence on their business. ...