All of this taken together positions group risk benefits very differently from how they have previously been seen. Instead of policies taking a back seat in the suite of benefits available until, or unless, something terrible happens, they are becoming true living benefits.
In many cases even employees who are not provided with the financial benefits of a group insurance policy can take advantage of the support services, providing tailored support for virtually any situation life throws at them.
We should expect to pay more claims as the market grows; this almost goes without saying.
It is in the interest of all parties – insurer, adviser, employer and employee – to embrace any tools which can control costs (such as EIS).
Referring to these services as cost-control measures is a cold reality of our business, but it is vital that insurers and employers both remember that at the heart of these services are people doing their jobs.
“Cost control” for a group risk insurer means going above and beyond to ensure people struggling through any number of unpleasant circumstances get the help they need.
“Cost control” for an employer means taking care of the people who keep your company running.
It means showing flexibility and compassion and consequentially being rewarded with loyalty and hard work; creating a community bonded by shared values and the drive to succeed for everyone’s sake.
The focus of this market should be the quality services available to the 12.5m employees covered and bringing those services to the millions more who are not able to make the most of the support that is out there.
Group risk policies can be a positive force in any workplace, encouraging openness and improving lives, not just sitting in the back pocket waiting for disaster to strike, then offering cold comfort.
Changing that perception is key to the long-term survival of the market, and it begins with insurers making their message plain to advisers and helping them spread the word to employer customers.
Paul Avis is marketing director at Canada Life Group Insurance
