All Group risk articles – Page 4
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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 ...
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Case Studies
Infographic: The impact of the pandemic on the group risk market
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ArticleWorkers demand more financial protection
Covid-19 (Coronavirus) has caused a surge in employee demand for greater employer-provided financial protection, according to a new study.AIG, which commissioned research among nearly 1,000 workers, found 37% said the pandemic had caused them to consider that life insurance, income protection or critical illness should now be offered by their ...
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ArticleEmployers embrace wellbeing benefits
Group risk industry body Grid has unveiled what it calls an “encouraging increase” in employer-provided wellbeing benefits provision in response to Covid-19 (Coronavirus).In a poll of HR directors, it found 48% now felt they had greater responsibility for the mental health of their staff than they did before the pandemic. ...
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OpinionKatharine Moxham: Group risk market does exactly what it says on the tin during Covid-19
Whoever says insurers do not pay out can not have come across the group risk industry, which is as ever rising to the challenge as these benefits, employer-sponsored life assurance, income protection and critical illness benefits, come into their own.Over the years, whatever the catastrophic event the group risk industry ...
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Analysis
Health and support: Group risk benefits in numbers
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AnalysisHow has Covid-19 impacted the group risk industry?
Need to know:The Covid-19 pandemic has led to an increase in claims on group income protection and life assurance policies.The group risk industry has seen significant growth in employers providing more group risk products for their employees.The pandemic is an opportunity for employers and employees to change the way that ...
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Case StudiesJohn Lewis recommunicates health insurance to staff during Covid-19
Throughout the Covid-19 (Coronavirus) pandemic, John Lewis has recommunicated its group risk insurance benefits to its 83,000 employees.The employer recommunicated its private medical insurance, life assurance, and financial assistance options to employees by utilising its in-house support phone helpline in March 2020 to support employees who were looking for more ...
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ArticleMorrisons wins appeal at Supreme Court over payroll data breach
Supermarket retailer Morrisons has won a Supreme Court appeal over whether it is liable for the criminal act of an employee who leaked payroll data of around 100,000 members of staff.Morrisons brought a Supreme Court challenge in an attempt to overturn a ruling which gave the go-ahead for compensation claims ...
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ArticleFinancial issues affect the mental wellbeing of 51% of millennial employees
Employers are concerned that over half (51%) of millennial employees have a high rate of stress and anxiety when it comes to finances and debt, according to new research by Group Risk Development (Grid).Respondents voiced concerns that money issues affect the health and wellbeing of their millennial employees, those aged ...
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AnalysisWhat role do group risk benefits play in reducing employee absence?
Need to know: Employers should check their group risk policy to see if they are able to access pre-existing support services as part of their insurance policy. Group risk insurance premiums will go down if an employer has a present, healthy workforce, encouraging organisations to look at ways of keeping ...
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Case StudiesGoodman Masson tackles employee absence with health and wellbeing strategy
Finance and technology recruitment organisation Goodman Masson has prevention and wellbeing at the forefront of its healthcare strategy. Alice Morton, head of people at Goodman Masson, says: “Despite the [organisation's] growth over the last few years, we have seen a decline in absenteeism. We spend so many hours at work, ...
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OpinionKatharine Moxham: Group risk benefits can encourage better health behaviours
The group risk industry has long understood the importance, not only of early interventions, but also of preventative measures and encouraging better health behaviours in the first place. That is why group risk products, such as employer-sponsored life assurance, income protection and critical illness benefits, are focused on so much ...