Company-sponsored group risk benefits (life assurance, income protection and critical illness) provided by employers paid out a record £2.01bn to employees and their dependants in 2020, shows industry data compiled by Group Risk Development (GRiD).
This is an increase of £255.7 million over 2019. Thousands of UK employees and their families (28,733) were helped to avoid financial hardship during the worst of times for them: after the death, illness or disability of a loved one, because of the benefits put in place by their employer.
While employers widely understand that group risk products will provide financial support when needed, it is the additional embedded benefits that increase their value for many. Help and support from insurers, such as vocational rehabilitation, case management, mediation, fast access to counselling and physiotherapy and other interventions helped 4,476 employees back to work after a period of sick leave.
Interactions with other embedded services such as an Employee Assistance Programme, HR and line manager advice, online GP services, second medical opinion services and physical and mental health apps increased exponentially to a record number of 138,222 interactions (compared with 74,707 interactions during 2019). Where the type of support service interaction has been recorded, insurers have seen significant online and telephone usage (45% online, 42% telephone, 11% face to face.) The provision of remotely accessible support services has been invaluable in supporting people during the pandemic and periods of social distancing.
Please click here to view the full article.