By Emma Simon 9 July 2019.
Support services within group risk products arguably offer more value than the insurance itself. Better engagement is needed if employers are to get the most from these services, hears Emma Simon.
As employers increase their focus on employee wellbeing and look for a return on their investment to achieve it, the importance of support services in group risk products is arguably beginning to overtake the insurance itself. At the core of many products sit early intervention services, employee assistance programmes, second medical option services and a variety of legal and advice helplines. Yet employer usage of these services remains low, and duplication of services paid for elsewhere persists.
At a recent roundtable discussion event, hosted by Corporate Adviser, Canada Life Group Insurance marketing director Paul Avis pressed intermediaries as to whether advisers needed to do more to promote these valuable benefits.
Delegates at the event responded that group risk experts did promote these extra services, but that there was a knowledge gap amongst more generalist advisers leading to their benefits being overlooked. These services can provide valuable benefits for employers in terms of managing both physical and mental health conditions, helping absent staff back to work more quickly, and reducing problems associated with ‘presenteeism’.
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