United Kingdom: What 2017 Might Bring

John Dean, managing director at Asinta Partner in the United Kingdom, Punter Southall, was recently asked to give his prediction on what 2017 might have in store for the employee benefits market in the area of group risk. His opinion was part of a larger article published by Reward Magazine, focusing on industry experts in employee benefits and their opinions on what 2017 might mean in their field.

John Dean had the following to say regarding group risk in 2017:

“With changes to the Lifetime Allowance in 2016, increasing numbers of employers are now considering setting up their Life Assurance policies in an Excepted Trust. In 2017 it will be important that companies consider what Trust best suits their business based on the different rules and taxation basis that applies. Employers need to make informed choices in this important area.

“We are seeing more employers considering providing benefits for their employees’ dependants as part of their protection benefits. For example, providing cover within Life Assurance policies so that an employee is covered in the event that their spouse or partner dies. In doing so, employee’s benefit from increased peace of mind and financial protection in the event of the loss of a loved one.

“The changes in State Sickness Benefits means that employers should look to redesign Income Protection policies so that they are more in line with the State Benefit provision. What is also clear is that many employees are in the dark as to what they are covered for in the event that they fall ill. They aren’t aware how long they will receive their benefits for and what percentage of salary they will receive. When offering valuable benefits, employers need to ensure that they are properly communicated and that employees understand what is provided.

“With wellbeing rising firmly up the corporate agenda, we are seeing more insurers adding wellbeing initiatives to their policies. For example, wearable fitness devices and health screenings for employees. The focus on increasing employees’ individual awareness of their own health and physical activity can have a positive impact on their overall wellbeing.”

No matter what these changes in the employee benefits market in the United Kingdom might mean, Asinta will continue working hard to bring together experts in employee benefits around the world to provide multinational employers with the best that employee benefits has to offer.

You can read the full article from Reward Magazine, including several other predictions for the 2017 employee benefits market in the UK here.

If you have questions regarding the employee benefits market in the United Kingdom or what 2017 might have in store, please get in contact with Asinta Partner, Punter Southall, via their contact page.