News – Page 6
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Article31% of long-term sickness claims are for cancer
Just under a third (31%) of long-term sickness claims paid relate to cancer, according to research by Unum.Its second annual claims statement, which provides information on all the income protection claims paid by Unum to people who became too ill to work between 1 August 2015 and 31 July 2016, ...
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ArticleSpark commits to higher pay benchmark for staff
New Zealand-based telecommunications organisation Spark has committed to a higher pay benchmark for staff.Under the organisation's Spark Pay scheme, all non-commission based full-time employees will earn a minimum of $40,000 (£30,729) a year.Commission-based employees will be able to earn an average of $42,000 (£32,266) a year, although take home pay ...
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ArticleBriggs becomes chairman at ABI
Andy Briggs has been appointed the next chairman of the Association of British Insurers (ABI). He will take up the role in October.Briggs, who is chief executive officer at Aviva UK Life and chairman at Aviva Global Life, succeeds Paul Evans, group chief executive at Axa UK.Briggs has been deputy ...
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Article43% would feel more valued if offered group income protection or critical illness cover
Just under half (43%) of respondents would feel more valued at work if their employer provider group income protection (GIP) or group critical illness cover, according to research by Canada Life Group Insurance.Its survey of 1,004 full and part-time employees also found that 29% of respondents would be more likely ...
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ArticleUK EXCLUSIVE: Arthur J Gallagher acquires Orb Financial Services
UK EXCLUSIVE: Arthur J Gallagher has acquired Surrey-based employee benefits organisation Orb Financial Services.Orb provides employee benefits consultancy and broker services, including group risk and healthcare, flexible benefits, benefit communications, workplace pension schemes, travel and dental protection, as well as key person and partnership protection.The acquisition is aimed at bringing ...
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ArticleHow to determine which group risk benefits best suit an organisation
Need to knowMany employers take a one-size-fits-all approach to group risk benefits, but some offer employees choice through flexible or voluntary benefits schemes.Employers can use data sets such as claims data, absence data and occupational health data to form a health-risk profile, which can then determine which group risk benefits ...
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ArticleHow to best educate staff about group risk benefits
Need to knowEmployee benefits communication strategies should focus as much on the value of group risk provision as they do on workplace benefits such as pension schemes.A poor grasp of the financial implications of long-term sickness absence among staff has made income protection cover an increasingly important group risk benefit.Employees ...
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ArticleGroup risk benefits in numbers
A round-up of statistics relating to group risk benefits provision:30% of group income protection claims in 2015 were due to mental health issues (Source: Legal and General) bit.ly/1XnRzfK32% of employee respondents believe critical illness cover is the most important benefit when working past 65 years (Source: Canada Life Group insurance) ...
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ArticleInfographic: What group risk benefits do organisations offer?
An infographic looking at the group risk benefits offered by respondents' organisations and the basis on which they are offered (Source: Employee Benefits/Xerox HR Services' Benefits research 2016, published in June 2016).Read more in: How can employers gauge a return on investment on group risk benefits?
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ArticleHow can employers gauge a return on investment on group risk benefits?
Need to knowWhen calculating the return on investment on group risk benefits, organisations need to start with accurate employee data.The value-added products available through group risk products can deliver cost savings.Non-financial returns such as engagement are of increasing interest.Employee benefits professionals are under increasing pressure from their finance directors to ...
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Article47% prefer better benefits package to higher wages
Just under half (47%) of UK respondents would prefer to have a better benefits package which included income protection than accept higher wages, according to research by Zurich and the Smith School of Enterprise and the Environment.The 2016 Income protection gaps: challenge and opportunity report, which surveyed 11,000 people from ...
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ArticleEXCLUSIVE: 84% offer life assurance as a group risk benefit
A large proportion (84%) of respondents offer employees life assurance, also known as death-in-service benefit, as part of a group risk offering, according to research by Employee Benefits and Xerox HR Services.The Benefits research 2016 report, which surveyed a total of 338 respondents in May 2016, also showed that 87% ...
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ArticleLegal and General launches two-year income protection plan
Legal and General has updated its income protection benefit offering with the launch of a two-year limited benefit plan.Available via intermediaries from June 2016, the plan is set to replace the insurer's current five-year version.The updated plan will permit multiple claims, with each individual claim allowable for a maximum duration ...
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Article
11: MetLife industry insight - Building resilience to beat stress in the workplace
Box:Around 35% of workplace absence is caused by stressPressure and stress is inevitable in the workplaceBut employees can be helped to beat stress and prevent it becoming a problemOrganisational resilience and wellness strategies will cut stress and boost productivityThe World Health Organisation has identified stress as the “health epidemic of ...
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Article61% do not have any form of income protection
Almost two-thirds (61%) of respondents do not have any form of income protection to replace lost income if they develop a serious injury or illness, according to research by Canada Life Group Insurance.Its survey of 1,004 UK employees, also found that 44% of respondents who do not have income protection ...
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Article32% use group risk benefits to attract and retain staff
Just under a third (32%) of employer respondents use group risk benefits to attract and retain key members of staff, according to research by industry body Group Risk Development (Grid).Its Group risk annual employer research report, which surveyed 501 UK organisations with between five and 1,000 employees, also found that ...
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Article30% of group income protection claims due to mental health issues
Mental health issues accounted for 30% of group income protection claims in 2015, according to Legal and General.The insurance provider's claims information, which has been released to mark Mental Health Awareness Week (16-22 May), also found that early intervention and funding for appropriate treatment helped 80% of mental health absence ...
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Article42% view flexible working as key to supporting older workforce
More than four in ten (42%) respondents view flexible working as the most important benefit for supporting an older workforce, according to research by Canada Life Group Insurance.Its survey of 855 UK employees also found that 32% of respondents view critical illness cover as the most important benefit when working ...
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ArticleUK group risk industry paid out £1.4bn in 2015
The UK group risk industry paid out a total of £1.4bn-worth of claims in 2015, according to research by industry body Group Risk Development (Grid).Its research, based on an analysis of total payments made by the UK group risk sector, also found that a total of 24,603 claims were made ...
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ArticleTop five benefits to combat employee absence
Need to know:Mental health issues and musculoskeletal disorders are common causes of employee absence.Occupational health services, group risk products, and employee assistance programmes (EAPs) can support ill or absent employees.An effective absence management strategy should incorporate a range of benefits to address different absence issues.The average level of absence per ...