A recent report lays out the differing attitudes to workplace protection from between employers and their advisers.
The recent Corporate Adviser Intelligence report gives a current overview of the UK protection market covering both providers and advisers.
One of the key findings of the report was that group private medical insurance is perceived by advisers as being the workplace protection and wellbeing benefit most valued by employees with group income protection cover considered as giving employers the best return on investment.
Corporate cash plans are seen by advisers as relatively highly valued by employers, while ranking slightly lower in terms of their ability to deliver return on investment.
The report included adviser and their employer clients’ perception of staff benefits which showed a difference in perspective. Both rated group medical insurance highly but there was a difference when it came to group life cover with employers seeing this has having much more value by their employees than advisers.
Table 1: Rank in order of priority the workplace protection and wellbeing benefit you believe is valued most by employees (1 highest/6 lowest)
Table 2: Adviser opinions – Rank in order of priority the workplace protection and wellbeing benefit you think gives the best return on investment for employers? (1 highest/6 lowest)
You can order a full copy of the Corporate Adviser Intelligence report into the UK protection industry here.
Corporate Adviser Intelligence report collated data from 10 leading group risk insurers, seven corporate healthcare providers, seven corporate cash plan providers and several standalone wellbeing providers In addition Corporate Adviser Intelligence conducted telephone research with intermediaries from 13 employee benefit consultancies, corporate IFAs and specialist health and risk advisers, and spoke to numerous industry experts. All data was collected in 2019.