Time for the group protection insurance sector to rebrand

Welcome to this digital edition of Life Insurance International that focuses on the group protection insurance sector, often referred to as group risk.

In this edition we analyse the major developments that have shaped the group protection market over the past ten years, the current state of the UK market and the outlook for the sector.

When examining this sector of the protection market what becomes clear is that the group protection market’s biggest challenge is establishing a clear identity and definition for group protection products. 

The question is do many employees actually understand what group protection insurance actually provides and the services it offers?

Research from Canada Life Group Insurance, for example, found a fifth (22%) of respondents do not feel the name ‘critical illness cover’ is easy to understand and accurately reflects what the product does.

This rose to 24% for respondents who said the same of ‘group life assurance’ and 26% who who felt the same about ‘group income protection.’

Once the group risk sector has clearly defined itself in simple and practical language, its next task must be to convince more employers why it is such a valuable offering that helps employees to be more productive and better supported.

Swiss Re's Group Watch 2017 report showed positive signs for the UK group risk market in 2016, with the number of new members covered by group risk policies increasing by almost 520 000 more people.

This is welcome, but significant more progress needs to be made.

Group protection insurance makes perfect sense because it helps businesses and people grow together.  For example, a group protection policy can help employees get back to work more quickly after an illness.

It can also help motivate a workforce because they know their employer values and cares about them.

This digital edition also lists the prestigious winners of the Life Insurance International Innovation Awards that were announced at a gala dinner ceremony at the Tower Hotel in London on 16th November 2017. We will be hosting this year’s Life Insurance International Innovation Forum and Awards on 7 November 2018 in London. Find out more here

The awards celebrate the best in life and health insurance innovation from around the world and act as a benchmark for excellence.

See inside for photos of some of the winners and attendees at the awards, which were a great evening.

Another highlight in this issue is incisive and insightful commentary from the GlobalData Financial Services analyst team on the latest innovations in the global insurance market.

Thank you for reading this issue. We hope you find the content insightful and useful.

I am passionate about championing the global insurance industry – and finding innovative ways to grow it further for the benefit of society. Your feedback is always welcome and do contact me by LinkedIn or email with your thoughts, ideas and comments.

Ronan McCaughey

Editor, Life Insurance International

Navigate to top