Insuring the lives and financial security of employees is a common feature of many employee benefits packages.
Group life, income protection and critical illness policies all enable employers to transfer the risk of providing these valuable benefits to the insurers, at a known cost.
It is essential for organisations to ensure they regularly review their risk benefits. Benefits packages can become outdated, falling behind best practice and becoming misaligned with the employer's wider business objectives.
Without regular review, a poorly-managed package of risk benefits can lead to higher staff turnover, reduced levels of service, higher costs and reduced value from the benefits package overall. Worse still, employers can also be left exposed to the risk of incurring uninsured losses and unnecessary expenses.