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Insights into the world of employer protection Protect Association Meeting 11 May 2018 Katharine Moxham, GRiD Spokesperson.

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Presentation on theme: "Insights into the world of employer protection Protect Association Meeting 11 May 2018 Katharine Moxham, GRiD Spokesperson."— Presentation transcript:

1 Insights into the world of employer protection Protect Association Meeting 11 May 2018
Katharine Moxham, GRiD Spokesperson

2 Group Risk Development
GRiD formed as group risk industry body in 1998 When? Why? To promote group risk to Government, policymakers, media and employers Who? Providers, reinsurers and advisers working in the group risk space

3 2017/18 highlights 5 new members & 1 re-join
Good coverage in industry & employer-focused press, average 30 cuttings a month New GRiD & Raising the Profile Chairs, Steve Bridger & Dave Middleton – thanks to Lee Lovett & Dan Crook 2017/18 highlights GDPR win (on par with DRA removal exemption) Stevenson/Farmer Review & Improving Lives Road Map - GIP acknowledged Improved positioning of claims stats ABI alignment on IP claims paid Employer research undertaken again (last done 2015) Generates most of GRiD’s headlines, assists in dialogue with Government & of interest to academics

4 2018/19 plans PR – business as usual Continue with research
Increase membership PR – business as usual Continue to build on gains to date in dialogue with Government 2018/19 plans Joint GRID/ILAG event Corporate Adviser event partnership Continue to improve positioning of claims stats Continue with research

5 GRiD Employer Research

6 Brand Research Coverage Claims Survey We do what we say on the tin
Comment/release driven PR Position GRiD as go-to for group risk Proactive Annual employer research to generate headlines & credibility Claims Survey Brand We do what we say on the tin Supported by social media

7 Research results: key themes
Employer understanding & awareness of group risk benefits Why employers offer/don’t offer group risk benefits What employers are doing to improve, health, wellbeing, engagement & productivity Research results: key themes What employers are prepared to pay for advice and how they prefer to buy What employers are doing to reduce absence & improve attendance If employers don’t offer group risk benefits, what they think it would cost to do so for all Do employers know about and use group risk support services? Absence stats & reasons why higher/lower than average

8 Research results: some key stats
How many picked correct description? Group life 45% Group income protection (GIP) 40% Group critical illness 27% What ERs are doing to improve, health, wellbeing, engagement & productivity (Top 3) Recognising & rewarding good work 29% Promoting flexible working initiatives 27% Encouraging staff to be more active & to improve their health 19% Top reason for providing: Group life Paternalism 31% GIP SSP not enough 30% Group critical illness Paternalism 36% Research results: some key stats What employers are prepared to pay for advice (mean): Group life £1,146 GIP £1,164 Group critical illness £1,156 Top measure for reducing absence & improving attendance: Flexible working 32% If don’t offer group risk benefits, what ERs think it would cost to do so for all (mean): Group life 3.1% of payroll GIP 3.2% of payroll Do employers know about & use group risk support services? Use all regularly 32% Use all occasionally 22% Don’t use any 8% Not aware of any support 4% Absence stats: Average absence per employee pa 5 days Higher than average 26% Lower than average 40%

9 Employee Benefits exclusive on how employers viewed their absence rates (higher/lower than average and why) GRiD research provided to 3 academics so far Stress & stress-inducing situations main cause of short-term absence Headlines so far Cancer & acute medical conditions account for 1 in 5 long-term absences (World Cancer Day) Employers think group risk costs more than it does Reasons for providing group risk – paternalism, recruitment and retention, improved productivity and team morale Two thirds of employers admit to not utilising group risk support services (Blue Monday) Communicate group risk benefits to retain staff as 1 in 5 look for new jobs in January

10 Thank you! Research Sponsors Aviva Canada Life The CII Ellipse
Wingate Benefit Solutions Xafinity Consulting Zurich Corporate Risk Generali Global Gen Re JLT Research Sponsors Kerr Henderson Legal& General Medical Expenses Consulting (UK) Ltd SCOR Self Assured Ltd Swiss Re Unum Munich Re Punter Southall Health & Protection Quantum Advisory


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