All Group risk articles – Page 3
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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 ...
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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 ...
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Analysis
Infographic: Group risk benefits engagement in numbers
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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 ...
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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 ...
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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 ...
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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. ...
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ArticleGroup risk industry paid record claims to employees in 2020
Research by Group Risk Development (Grid) has revealed the UK group risk industry paid a record £2.01 billion in claims to employees and dependants in 2020.This is equivalent to £5.5 million a day and an increase of £255.7 million since 2019. A total of 4,476 employees were helped back to ...
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ArticleOver 13 million people covered by group risk schemes in 2020
The annual Swiss Re Group watch report 2021 has revealed that the number of in-force group risk policies in place grew by 3.6% during 2020 compared to 2019.This equates to a rise in the number of people covered of 150,000, taking the total number to more than 13.3 million people ...
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ArticleGroup protection usage hit by data privacy fears
New research has suggested that slower-than-anticipated uptake of some group protection benefits may be due to data privacy fears.According to a study by Legal and General, 19% of staff questioned who had access to employee assistance programmes (EAPs) revealed that privacy concerns were a barrier to usage – a figure ...
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ArticleGroup life insurance pays out £93m in employee-related Covid claims
New data has revealed the extent to which group life insurers have paid out claims related to the deaths of employees due to Covid-19 (Coronavirus).According to figures released by Group Risk Development (Grid) for the year to 31 December 2020, payouts were given to the dependents of 891 employees with ...
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Case StudiesThe benefits offered by Avison Young
The benefits offered by Avison YoungPension A group personal pension (GPP) for all employeesHealthcare and group riskPrivate medical insurance: employer funded as a core benefit dependent on job grade, all employees are able to buy through the flexible benefits scheme.Group income protection: employer funded for all employees.Dental insurance: Available to ...
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ArticleStaff feel disconnected from group protection
Research by Legal and General has found significant levels of employee disconnect with group protection, with only 16% of those polled believing employee assistance programme (EAPs) are very relevant to their health needs.Data – compiled after polling more than 1,000 UK workers with access to income protection, critical illness cover ...
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AnalysisWill the group risk industry experience fall-out from the Covid-19 pandemic?
Need to know:Insurers have already seen an increase in life insurance claims as a result of Covid-19 and expect more claims on group income protection and group critical illness over the next few years.Engagement with wellbeing apps and digital healthcare has increased during the pandemic, with potential long-term benefits for ...
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OpinionKatharine Moxham: The group risk market has risen to the challenges brought by Covid-19
The Covid-19 (Coronavirus) pandemic really has brought our human frailty to the fore. Both employers and their people have realised that during their working life there’s a real chance of dying, being extremely ill or being left with a lasting health condition as a result of contracting Coronavirus. The group ...