News – Page 8
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Article
Income protection take up could treble if part funded by employers
Take up of group income protection could potentially treble when offered via flexible benefits schemes if the benefit was partially funded by employers, according to research by MetLife.Its UK employee benefit trends study, which surveyed 500 employees and 300 employers, also found that take up of life insurance could potentially ...
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ArticleOver 1,500 staff rehabilitated back to work in 2014
Some 1,529 employees were helped to return to work with some form of support from an insurer in 2014 before they were away from work long enough to make a claim on group risk policies, according to research by Group Risk Development (Grid).It also found that £1.26 billion worth of ...
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ArticlePunter Southall integrates wearable technology with income protection
Punter Southall Health and Protection Consulting (PSHPC) is to distribute and administer the first group income protection product linked to wearable technology.The product from the organisation’s Havensrock brand brings employee wellness and traditional income protection together. It is offered in partnership with Aviva.It also aims to engage all staff in ...
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ArticleLess than a quarter of staff confident about retirement savings
Less than a quarter (24%) of UK employees are confident about their retirement saving plans, according to research by MetLife Employee Benefits.Its UK employee benefits trends study, which surveyed 300 HR directors and 300 UK employees, also found that just under half (47%) of respondents said their biggest financial concern ...
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ArticleBuyer's guide to group income protection 2015
The factsWhat is group income protection?Group income protection (GIP) provides an income to an employee when they are unable to work as a result of an illness or injury. Payment normally starts after a waiting period, typically six months, and can continue until the employee returns to work or, if ...
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ArticleAviva and Friends Life finalise merger
Insurance organisations Aviva and Friends Life have finalised the terms of a £5.6 billion merger.The merger will create the UK’s largest insurance and savings business with more than 16 million customers.Aviva first announced the firms were in talks in November 2014.It is expected the merger will generate £225 million of ...
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ArticleClare Bettelley: Education on the value of group risk benefits is lacking
The insurance-based benefits are commonly missed when an employee is forced to take extended sick leave and faces not being paid for the duration of this leave, or when an employee dies and fails to make financial provisions for the family they have left behind.Benefits teams need to devise a ...
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ArticleAviva in talks to acquire Friends Life
Aviva is in talks to buy fellow insurer Friends Life in a deal worth almost £5 billion.The merger would create the UK’s largest insurance and savings business with more than 16 million customers.It would also lead to a substantial increase in profits and assets under management at Aviva Investors.he merger ...
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ArticleEmployers face 50% increases in group risk premiums
Employers face cost increases in their employee insurance premiums as the average age of the workforce continues to rise, according to research by Towers Watson.It found that when an organisation’s average employee age rises by five years, its group income protection premiums could increase by more than 50%.The research also ...
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ArticlePSHPC launches dependants' life cover
Employees will now be able to cover their partner on a group life assurance policy through a dependant’s benefit provided by Punter Southall Health and Protection Consulting’s (PSHPC) new group life product, Havensrock, which is insured by Scottish Friendly.Traditionally, group life pays a lump sum to an employee’s chosen beneficiary ...
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Article14% of staff have seen benefits package improve in last year
Just 14% of staff have seen improvements made to their employee benefits package in the last year, according to research MetLife Employee Benefits. Its Bridging the protection awareness gap, Taking a fresh look at a long running issue research found that the majority of staff (66%) have not had any ...
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Article77% cannot afford to live on statutory sick pay
More than three-quarters (77%) of employee respondents would not be able to afford to maintain a living on statutory sick pay if their income stopped tomorrow, according to research by PMI Health Group.Its research, which surveyed more than 600 UK employees in full or part-time work, found that nearly half ...
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ArticleGroup risk report 2014
Read the digital edition of the Employee Benefits/Friends Life Group risk report 2014The report includes the following articles:David Williams: Workplace support for cancer sufferers is keyGroup risk in numbersWhat role do group risk benefits have in financial, mental and physical wellbeing?How group risk insurances must adapt to an ageing workforceTop ...
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Article
Buyer's guide to group critical illness insurance 2014
The employee can decide how to spend the money: it could be used to fund medical treatment, make necessary changes to their lifestyle or pay off a mortgage.The medical conditions covered are determined by the critical illness insurer, which usually offers two levels of cover. Base cover will include about ...
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Article41% would have to rely on savings if on long-term sick leave
More than a third (41%) of respondents would have to rely on their savings if they were forced out of work for any length of time due to illness or injury, according to research by industry body Group Risk Development (Grid).Its Group risk employer research study, which surveyed 1,000 employees ...
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ArticleBrowne Jacobson adds new perks to flexible benefits
EXCLUSIVE: Browne Jacobson is to add a range of new perks to its flexible benefits scheme, including an online healthy eating programme called Body Chef, and life assurance and critical illness insurance for employees’ partners.It will also increase the limit for staff up to which flex their own life assurance. ...
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ArticleGroup risk industry paid £1.24bn in claims in 2013
The group risk industry paid out £1.24 billion in 2013, according to research by Group Risk Development (Grid).This is a rise from the £1.2 billion paid out by the industry in 2012, based on statistics from the industry body’s research.The research also broke down the risk benefits paid out by ...
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Article27% know little about group income protection
More than a quarter (27%) of respondents admitted they know little about group income protection, according to research by Canada Life Group Insurance.Its research, which surveyed 200 employee benefits decision makers at organisations that employ between 150 and 2,000 staff, found that 32% of respondents are unaware of the cost ...
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Article300,000 more UK workers protected by group risk schemes
The number of employees in the UK protected by group risk insurance grew by 300,000 in 2013, according to Swiss Re.Its Group watch 2014 report, which analysed and summarised group risk business results at the end of 2013, found that the overall UK group risk market grew by 2.8% to ...
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ArticleArthur J Gallagher acquires The Oval Group
Arthur J Gallagher has acquired The Oval Group for a total net consideration of approximately £199 million.Both Oval Healthcare and Oval Financial Services will now become part of the consultancy’s UK-based Arthur J Gallagher Employee Benefits, led by chief executive officer Tim Johnson (pictured).The acquisition will enable the organisation to ...