As the UK government reduces State support for health-related work absences, pressure grows on employers and insurers to fill the gap. Yet, adoption rates remain modest. Our article, "What’s holding back growth in group protection insurance?" explores the critical barriers and potential solutions to this pressing issue.
Key insights:
- Government policy shifts: With the government reducing benefits and shifting responsibilities to employers, group protection insurance becomes a crucial protection.
- Current coverage gaps: Despite societal needs, only a fraction of UK workers is covered for life and disability, underscoring a significant market opportunity.
- Swedish model comparison: Looking at Sweden’s proactive employer and insurer obligations provides a roadmap for what could be possible in the UK with the right policies and partnerships.
Opportunities for improvement
Emphasising early intervention and integrating insurance with employee benefits can transform the landscape of group protection. Tax incentives for employers and streamlined online access for purchasing insurance could dramatically increase uptake, particularly among smaller businesses.
For insurers, modernising outdated technology is crucial for meeting today’s group protection needs. Advanced platforms that connect seamlessly with payroll and HR systems can increase efficiency, improve service, and expand coverage.
Explore our full article to understand the complexities and opportunities within the UK group protection insurance market and how strategic changes can lead to significant growth.
