Group Risk roundtable: financial benefits and support services

Steve Thomson, Account Director – Health and Protection, was a panellist at a recent roundtable hosted by Corporate Adviser. The panel of seven experts from across the Group Risk sector discussed the topic of ‘financial benefit or support services: what matters most?’

The panel considered the benefits of Early Intervention Services (EIS) including Employee Assistance Programmes (EAP), second medical opinion services and a variety of legal and advice helplines, and the low usage of these services. Recent research from Group Risk Development (GRID) shows that just 0.1 per cent of insured people are using early intervention services, which can be a key factor in the treatment of mental and physical health.

Steve Thomson highlighted that these benefits can be of particular value in the SME sector, as helping staff get back to work quickly and safely can make a real difference to smaller companies. The panel discussed how it was important to ensure that everyone is aware of how cost-effective these early intervention services can be, and how they can make a real difference to employee wellbeing.

Paul Avis from Canada Life pointed out that 95% of people who access EIS from Canada Life do not go on to become claimants on their company’s policy. Steve commented that he believes that an EIS and an EAP remain the two key added value benefits that he would expect to see on a Group Risk policy.

The panel debated whether EIS was of more benefit to employees than the core insurance benefit with the consensus being that both are of merit to staff and companies. The experts agreed that the role of health and protection advisers was key in ensuring that companies have the right Group Risk solutions in place.

The roundtable report was issued as a supplement with the latest issue of Corporate Adviser magazine – click here to read the full report.