All Group risk articles – Page 8
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OpinionSally Wilson: Simple nudges can encourage employees to look after their own health and wellbeing
There are several relatively simple steps employers can take to address wellbeing at work with the potential to reduce claims related to ill health.For musculoskeletal (MSK) health, getting the basics right is essential and display screen equipment (DSE) assessment is an important example of this. Flexible working requires a re-think ...
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Case StudiesOracle proactively supports its employees’ wellbeing with line manager support service
Technology organisation Oracle offers group income protection as a core employee benefit. In 2016, it introduced a dedicated service, branded Swift and provided by Unum, which enables line managers to support the wellbeing of employees.Michelle Bradshaw, compensation and benefits director, explains: “Line managers are often the first point of contact ...
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AnalysisThe impact of early intervention services on group income protection claims
Need to knowWorkplace health and wellbeing strategies that incorporate early intervention services can improve employee health and reduce absence costs.Providing access to fast and confidential advice, support and treatment services at the earliest stage of a health problem reduces both the likelihood of a long-term absence from work, and the ...
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Article60% of critical illness claims in 2016 were for cancer
Under two-thirds (60%) of overall critical illness claims made in 2016 were for cancer, according to research by Aegon UK.Its analysis of critical illness claims received by Aegon UK in 2016 also found that 31% of cancer-related critical illness claims in 2016 were for breast cancer, compared to 31% in ...
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Article38% plan to increase their employee benefits offering in 2017
More than a third (38%) of employer respondents plan to increase the number of options in their employee benefits package in 2017, according to research by Mattioli Woods.Its 2017 Employee benefits insight report, which surveyed 300 employers and gathered data from 2,692 UK organisations, also found that 21% of respondents ...
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AnalysisTop tips to control the costs of group risk benefits
Need to know:Providing group risk benefits through a flexible benefits scheme enables employers to set a base level of cover at a fixed cost, which helps to manage expenditure.Larger employers can consolidate multiple group risk policies in order to use their scale to generate a more competitive price from providers.The ...
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Analysis
Infographic: What group risk benefits do employers offer?
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OpinionDr Matthew Connell: Start the conversation about group risk benefits
In many ways, group risk benefits are the best benefits employers can offer their staff.If an employee does not have an adequate pension, they can work longer to save for one, provided they are healthy. But if someone loses their ability to work because of illness, there is no plan ...
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Article29% of group income protection claims are for cancer
Just under a third (29%) of group income protection claims are for cancer, according to data from provider Unum.Its annual claims statement, which analysed data relating to the 1,722 group income protection claims paid by Unum between 1 August 2016 and 31 July 2017, also found 17% of overall group ...
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ArticleGreensill Capital launches new benefits package for UK staff
Financial services organisation Greensill Capital has launched a new package of benefits and online benefits platform for its 72 UK employees.Its online portal, Greensill Rewards, which was launched in August and is provided by Portus Consulting, provides staff with access to new employer-paid benefits, such as private medical insurance, a ...
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ArticleCanada Life to acquire Retirement Advantage
The Canada Life Group (UK) has reached an agreement to acquire financial services provider Retirement Advantage.Retirement Advantage was formed in 2015 from the merger of the retirement income and equity release divisions of MGM Advantage and Stonehaven. The organisation has more than £2 billion of assets under management, including £1.5 ...
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ArticleEnhanced income protection benefit offered to Metropolitan Police staff
Members of the Metropolitan Police Service can now access an enhanced income protection benefit which include access to personal nurse advisers.The nurse advisory service, provided by RedArc, was added to the income protection offering on 11 August 2017. This will enable eligible staff to access long-term practical help and emotional ...
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Case StudiesThe benefits offered by BDO UK
The workplace benefits offered by BDO UK include:Pension and group riskGroup personal pension plan (GPP) with a matched contribution structure of 1% for all employees. If the scheme is joined voluntarily, an age-related matching contribution structure is used, ranging from a 2% employer contribution for employees under 25-years-old to a ...
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Article36% have access to an employer-organised sick pay insurance scheme
More than a third (36%) of respondents have access to an employer-organised sick pay insurance scheme, according to research by BHSF.Its A high wire with no safety net report, which surveyed 1,000 employees, also found that 33% of respondents believe that financial worries affect their job performance, either on a ...
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Article18% of staff have critical illness or income protection cover
Less than one-fifth (18%) of employee respondents have some form of critical illness or income protection cover that would help them financially if they were to develop a serious illness, according to research by Canada Life Group Insurance.Its survey of 1,010 UK full-time and part-time employees also found that 72% ...
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ArticleEXCLUSIVE: 91% offer life assurance benefits
EXCLUSIVE: Approximately nine in 10 (91%) employer respondents provide life assurance or death in service, according to research by Employee Benefits and Staffcare.The Employee Benefits/Staffcare Benefits research 2017, which surveyed 271 employer respondents in February-March 2017, also found that the majority of respondents that offer life assurance or death in ...
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AnalysisHow can benefits support age diversity in the workplace?
Need to knowAs the UK population ages, supporting older employees in the workplace will become a more prominent issue.A benefits strategy does not necessarily need to be age-specific, but can focus on an employee’s life stage to have a bigger impact.Benefits such as flexible working, health and wellbeing initiatives, and ...
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Article£1.5bn paid in group risk claims in 2016
Nearly £1.5 billion was paid out by the group risk industry over 2016, up £100 million on 2015, according to research by industry body Group Risk Development (Grid).The research, which is based on claims data from Grid’s provider members, also found that 24,925 claims were made in 2016 for group ...
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Article12m people covered by group risk schemes in 2016
More than 12 million individuals were covered by group risk schemes at the end of 2016, according to research by Swiss Re.Its Group watch 2017 report, which is based on data collected from 16 providers in the group risk market in the UK and 18 employee benefits consultancies, also found ...
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ArticleStarbucks China to introduce critical illness insurance for employees’ parents
International coffee organisation Starbucks is to launch a new parent care programme in China, providing employer-paid critical illness insurance for the parents of its full-time employees.The benefit, effective from 1 June 2017, will be available to parents of full-time employees who have at least two years’ service and who work ...