1. Reward Live 2015
13 May 2015
Session 5 – Group Risk
Katharine Moxham
Spokesperson, GRiD

2. 2
WHAT IS
GROUP
RISK?
Umbrella name for 3
Employer sponsored
benefits
- Group Life Assurance
- Group Income Protection
- Group Critical Illness
Often insured
Gives
employees
access to
financial
protection
Fewer medical
details &
“Once and
Done”
underwriting
Highly valued
but relatively
inexpensive
Free or
reduced cost
to end user
Can cease at
65/SPA
Usually compulsory but
can also facilitate
access to protection
cover through
voluntary, flex and
affinity schemes

3. FINANCIAL LIFE LINE
3
Provides a benefit on employee’s
death - tax free lump sum up to
LTA/taxable dependants’ pension
GL
Provides a continuing income
during employee’s illness or injury –
paid through payroll in normal way
GIP
Pays a tax free lump sum to employee on
diagnosis of one of a defined list of serious
medical conditions or on undergoing one of a
defined list of surgical procedures
GCI

4. 4
WHAT
ELSECAN
COME
WITH IT?
Employee
Assistance
Programme
HR/legal
advice
Second
medical
opinion
Fast access
to CBT &
physiotherapy
Absence/case
management
Bereavement
counselling
GP helpline/online
health
assessments And more...

5. THESESERVICESCANBE
USEDDAILY
EVEN IF A CLAIM IS NEVER MADE
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6. 81%
85%Of employers think group life costs
more than it does (GRiD 2014
Employer Research)
£1.26bn
Worth of claims paid in 2014 (GRiD)
£3.45 million a day!
11,204,852People insured under group risk
arrangements in 2014 (Swiss Re)
Of employees see a role for
employers in benefit provision (Swiss
Re “Connecting Generations –
Protection Generations”)
6