As our Group Risk Week, in association with Ellipse, draws to a close, it is time to reflect on some of the trends and issues currently shaping this area of the benefits market.
Group risk benefits will rarely be perceived as the most glamorous or fun element of a benefits package. Indeed, most employees will hope that they never have the need to use group risk benefits. But, by their very nature, the peace of mind these benefits provide should the worst happen, means they are often highly valued by employees.
In some instances, however, employers may need to ensure that they reinforce this value to staff. Most employees, while they will be aware of the group risk benefits provided by their employer, will thankfully never experience the need to utilise these. Communicating the circumstances under which these benefits can provide support, therefore, can hep to increase the value and engagement individuals attach to these.
Some groups of employees, however, particularly younger members of the workforce may feel that they are invincible and subsequently find it more difficult to see the relevance of group risk benefits to their life stage and personal circumstances. Clearly communicating these benefits to such groups can help to boost understanding of, and engagement with, them, in turn, improving employers’ likely return investment on their spend.
In recent years, changing workforce demographics have inevitably influenced the design and shape of the group risk schemes offered by employers. This is set to evolve further to take into account factors such as the rise in the state pension age.
These were all issues addressed during Group Risk Week. So, however you offer group risk benefits in your organisation, Group Risk Week was designed to help you take this to the next level through exclusive insights and opinions uncovering best practice in this area. These included:
- How to engage young employees with group risk benefits
- The impact of early intervention services on group income protection claims
- How to ensure group risk policies comply with state pension age increases
- BNP Paribas allows employees to customise group risk provision
- Oracle proactively supports employee wellbeing with line manager support service
- Chris Morgan: The value of engaging employees in financial protection
- Mark Swain: Tips for engaging younger workers with their health and wellbeing
- Katharine Moxham: Group risk providers go above and beyond claim payments
- Infographic: At what age do group risk benefits terminate?
- Group risk in numbers