Writing Group Risk business in 2019 James Lawley | Business - - PowerPoint PPT Presentation
Writing Group Risk business in 2019 James Lawley | Business Development Consultant 15 th January 2019 Unum Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential
Unum Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England 983768.
James Lawley | Business Development Consultant 15th January 2019
This presentation has been designed for an audience with knowledge of financial products and nothing from it should be used with customers as a sole basis for making decisions on selling products. The presentation uses examples to demonstrate products, but these are for illustration purposes only, for actual customer illustrations please contact your Group Risk provider or Unum Representative. Terms and conditions apply to all Unum products highlighted in this presentation and they may differ from provider to provider and over time. Unum is not authorised to give advice. The material contained in this presentation applies only to Unum and its products. Whilst we have taken all reasonable steps to ensure that the information within this presentation is accurate and up-to-date, we cannot accept liability for any error or omissions. Unum Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
To understand the Group Risk market
use Partnership Terms to your advantage The difference that Employee Assistance Programmes and Added Value Services can make to a proposition How and when to use consultancy support and market insight to initiate conversations with your clients
Provides a financial benefit (percentage of salary) if an employee is unable to work through sickness or injury. ‘The top 3 causes for Unum Income Protection claims are cancer, mental ill health and musculoskeletal conditions1’
27% were for cancer, 17% for mental ill health and 10% for musculoskeletal conditions
Provides employees with a lump sum payment if they are diagnosed with a listed medical condition or undergo a listed surgical procedure. ‘188,000 hospital visits are attributed to heart attacks in the UK each year1’ ‘1 in 4 hospital visits attributed to strokes happen to people of working age2’
1. https://www.macmillan.org.uk/about-us/what-we-do/how-we-work/work-and-cancer 2. https://www.bhf.org.uk/for-professionals/press-centre/facts-and-figures
Provides a lump sum benefit (either a flat sum or multiple
dependents after the death
1. Sunlife Cost of Dying Report (2017) 2. ONS Deaths registered in England and Wales (2017)
Provides a financial benefit towards the cost of dental treatment ranging from routine check-ups and x-rays to root canal treatment and crowns. ‘415,000 people miss at least one day
with oral health1.
1. http://www.bsdht.org.uk/news-1/work-missed-due-to-oral-health-problems-costs- the-uk-economy-more-than-36-million-each-year-1
illness have had to apply for benefits or government support2
considering rolling out Group Risk / Employee Benefit products3
are for employers with under 50 employees4
have fewer than 10 employees1
Pooled arrangements for schemes with 3 – 100 employees Whitewashing of medical loadings (up to Free Cover Level) Increased Free Cover Levels for: Income Protection (£65k) and Life Insurance (£600k) 3 year rate guarantees Joint client visits
An employee is declined cover or charged an increased premium for Relevant Life or Individual Income Protection because of either:
By offering a Group Risk product and Partnership Terms you may be able to offer a solution that has:
Experienced Group Risk Consultants Joint client visits and support Telesales capacity Data driven market insight
Benchmarking Propensity to buy Mapping Existing block analysis
Prioritised prospect lists, based on actual buying behaviours Potential target clients in your vicinity The comparative cover
peer group Prioritised prospect lists, based on actual buying behaviours
What are the reasons behind your current sickness absence? What impact does sickness absence have on your business? How do you prevent employee sickness absence? Have you put in any steps to try and address the absence? Do you know about Employee Assistance Programmes? What processes do you have in place if an employee goes off sick?
Employer
Now is a better time than ever for Advisers to talk to SMEs about Group Risk products – and Partnership Terms are there to support you Added Value Services and Employee Assistance Programmes are potentially as important to the employer as the product itself Market Insight can provide you with an inroad into your existing block and help to initiate conversations with new and current clients
James Lawley
James.Lawley @unum.co.uk 07867 142863