According to Group Risk Development (GRiD) of whose organisation Vintage Corporate are a member, nearly half a million employees are benefiting from group risk protection and the associated financial peace of mind.

However, all of the uncertainty surrounding Brexit is still deterring some employers from implementing group risk protection products and this needs to change.

Added Value

In a recent blog post, we outlined how the issue of mental health and wellbeing in the workplace is being pushed up the agenda and we’ve been pleased to see the developments taking place in this aspect.

Income protection policies are improving all the time to cover key elements such as early intervention. It is these added value services that are helping more and more people back to work before they even need to make a claim.

In 2018, Group Risk insurers funded more than 75,000 interactions with additional health and support services. The value of protection insurance continues to be proven again and again, and it’s essential for employers to overcome their fears and concerns surrounding Brexit in order to secure adequate protection for their employees.

Risk vs. Reward

For many families, the only benefits they have are those provided through the workplace which makes this an even more precarious situation. Thousands of employees and their families are currently at unnecessary risk should things go wrong, and the solution is so easy to implement by creating a tailored employee benefits package.

Commenting on Group Watch 2019, Swiss Re’s latest annual report analysing the group risk market, Katharine Moxham of GRiD states, “We would urge employers to look at what’s going on alongside Brexit negotiations, where increasingly, Government is looking to employers to help meet its ambitions for a healthy and inclusive workforce, and those employers that utilise the benefits within group risk are in a much better position to meet Government’s expectations around ‘good work’, especially for mental health.”

A Duty of Care

We must also consider the fact the eventual outcome of the Brexit negotiations won’t eradicate the need for group risk protection products. If anything, a potentially stressful and uncertain situation makes the need for protection even more important.

Employers need to fulfil their “duty of care” to all of their employees and put the necessary protection in place. This should be benefits that prioritise their employees’ financial, emotional and physical wellbeing and also support continued smooth company operations to minimise and protect against the impact of workplace absenteeism.

Health conditions such as a cancer diagnosis, emotional breakdown or physical injury will continue to happen regardless of what goes on with Brexit. Employers simply cannot risk dropping the ball and being distracted by the comings and goings in Parliament at the expense of their business.

And contrary to what the media might tell you, the insurers really do pay up. A press release from GRiD released on 1 May shows that the UK Group Risk Industry paid out a new high of £1.68bn in claims in 2018, a £64.5m increase on 2017, and equivalent to £4.61m a day.

Group income protection policies paid out a total of £482.7 million p.a in 2018 and group critical illness policies paid out benefits totalling £82.4 million in the same year. These are no small sums and group risk is transforming the lives of individuals and their families at times when they need it the most.

Increasing Awareness

With mental health one of the leading causes of group insurance claims, there is also the challenge of investing into increasing awareness of how insurance can help.

Many employees do not realise that most group protection policies come with in-built mental health support that covers not only the financial aspect but also elements such as bereavement support and fast-track access to treatment before the problem has a chance to escalate.

Awareness of such a key element is likely to drastically increase take-up of the benefit and support employers in creating their workplace benefit packages. People are essentially looking for added value and the fact that insurance policies are going above and beyond to cater to employees as soon as an issue arises.

With more and more employees working beyond the age of 65, employers also need to protect themselves against the very real possibility of this demographic falling ill.

Research from Canada Life shows that nearly a fifth (17%) of those surveyed will continue working into their later years so that they can continue to receive valuable employee benefits. With this key need identified, employers must respond effectively.

Our team at Vintage Corporate will offer advice and support on building an effective group protection package for your employees and rolling it out effectively. We offer access to the very best market opportunities with our solutions focused on enhancing employee recruitment and retention.

By making your workplace one where employees and their families are truly and demonstrably valued, you can benefit from the very best return on investment.

The post Brexit and the Group Risk Market first appeared on Vintage Corporate Limited.

We always advise our clients that healthy financial planning means taking an open-minded and proactive approach that includes reviewing all wealth and asset arrangements on a regular basis to ensure they are still fit for purpose.

From the employer perspective, this is just as important. Creating an employee benefits package is just the first step as you need to regularly review all of your benefits to ensure that they are legally compliant, meet the needs and desires of your employees, and provide you and your business best return on investment.

This is especially timely as recent government employment figures show that a record number of over-50s are now in the workforce. Employers need to make sure that they are catering appropriately to this demographic with regards to retirement planning provisions.

Figures show that over-50s account for one in three members of the workforce in comparison to 21% back in 1992 and employers might choose to focus on value added services to cover the needs of this demographic.

Practical and Emotional Support

We must always consider the desired outcome when it comes to managing our finances which is why value-added service have evolved in recent times to become an essential part of the protection package. Many providers have developed their offerings to include these support options which cater to employees of all ages and needs.

These essentially act as bolt-ons to critical illness, health insurance and income protection policies to ensure that the needs of the insured person/s are considered not only upon diagnosis but before, during and after a claim is made. But it’s crucial to understand that a claim does not even need to be made in order for the insured party to access these services.

Prompted by the industry’s desire to further support people with mental health issues, value added services offer practical and emotional support to individuals and their families during difficult times regardless of whether there is an ongoing claim. Nurse care support, bereavement counselling and therapy are prime examples of such services, which support a healthier and possibly speedier recovery.

Some protection policies may also include services such as medical helplines, carer support and virtual GPs. Income protection customers may benefit from value added services such as in-house rehabilitation and vocational coaching.

Using Protection to Build Trust

It all depends on the policy chosen and the needs of every individual, but the fact remains that when these added extras are included with an insurance package from a corporate perspective, they are likely to expedite both the initial treatment (thanks to early intervention) and the employee’s return to work through a solid and structured rehabilitation pathway.

For employers providing benefits, value added services can build extra bricks in that solid bridge of trust between you and your team. It shows that you have taken the time and effort not only to build an employee benefits package that caters to their needs, but to go that extra mile in order to support them during difficult times.

A crucial aspect of value-added services is that they recognise the importance of prevention, for example, with the provision of second medical opinions. This provides the insured person with a fully supportive framework from the moment they see the first signs of illness or injury.

It also potentially reduces the need to make a hefty claim by supporting early diagnosis before an illness becomes more advanced and therefore more complex and time-consuming to treat. For smaller businesses in particular, this could be an intelligent risk management strategy.

A Customer-centric Approach to Insurance

By choosing to invest in customer-centric insurance that values the consultative approach and early intervention support, you are showing your employees the value of such insurance and encouraging both team loyalty and benefits take-up.

This is a type of protection that is truly invaluable where the focus is on making clients healthier and less likely to claim on their policy in the first place.

It also avoids the need for you to put pressure on valued employees to return to work more quickly than they are able and risk damaging good relationships.

This type of insurance offers peace of mind that you have all the support available to get your employee healthy again as soon as possible.

It also means that people and their dependents can benefit from protection “immediately” without a prior claim needing to be made.

This is protection at its very best and while the cover itself should be the most important factor for choosing a policy, added value options are likely increase engagement and emphasise the real value of this benefit and the support it brings.

Mental Health and Value-Added Services

Dedicated nurse care support is one of the most common value-added services and a fine example of how patients feel supported with access to a lifeline that they can use as and when they need. It is ongoing support, not a one-off or limited service, that will help people when they feel they simply cannot cope or are in need of practical advice.

The same goes for medical helplines and GP apps – with the NHS under more pressure than ever, this type of personal dedicated service will transform a patient’s experience.

It is this human aspect that encourages long-term loyalty and retention. With mental health one of the biggest causes of absenteeism and therefore a great headache for employers, the wellbeing and support service that comes with so many protection policies provide an immediate lifeline for those in need, helping to relieve excess stress and supporting employees in maintaining their day to day lives.

This might be support following a bereavement or critical illness diagnosis, mental health counselling or more general support in handling practical and emotional issues.

Whether you’re seeking individual or corporate protection, it is well worth considering how value-added services could support your end goal. Contact our team at Vintage Corporate today for more details.

The post The Importance of Value-Added Services first appeared on Vintage Corporate Limited.