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Writing Group Risk business in 2019James Lawley | Business Development Consultant

15th January 2019

Disclaimer

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.

Learning objectives

01 02 03

To understand the Group Risk market

opportunity and how to 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

What are the typical Group Risk products offered in the market?

Group Income Protection

Income ProtectionProvides 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’

1. For Unum GIP claims admitted between 1st August 2017 and 31st May 2018, 27% were for cancer, 17% for mental ill health and 10% for musculoskeletal conditions

Critical Illness

Critical Illness CoverProvides 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-cancer2. https://www.bhf.org.uk/for-professionals/press-centre/facts-and-figures

Life Cover

Life InsuranceProvides a lump sum benefit (either a flat sum or multiple of salary) to beneficiaries or dependents after the death of an employee.

‘£8,905 is the estimated cost of death in the UK1. A cost which has risen faster than inflation for the past 13 years2.

1. Sunlife Cost of Dying Report (2017)2. ONS Deaths registered in England and Wales (2017)

Dental Cover

Corporate DentalProvides 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 of work each year due to problems 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

What are the opportunities open to Advisers in Group Risk?

Assessing the market opportunity

76% 30%

40%of those off with long-term illness have had to apply for benefits or government support2

of small businesses are considering rolling out Group Risk / Employee Benefit products3

of all Unum quotes are for employers with under 50 employees4

5 million businesses have fewer than 10 employees1

1. House of Commons: Business Statistics (2018) 2. EmployeeBenefits.co.uk (2017) 3. Employee Benefits Trends Study (2017) 4. Unum Internal Data (2017)

Making the most of Partnership terms

1

2

3

4

5

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

Individual market vs Group market

Scenario

An employee is declined cover or charged an increased premium for Relevant Life or Individual Income Protection because of either:

• Previous medical conditions

• Medical underwriting

• Medical loadings

Solution

By offering a Group Risk product and Partnership Terms you may be able to offer a solution that has:

• Increased Free Cover Levels

• No medical underwriting requirements

• Whitewashed medical loadings

Talking about ‘Added value services’

Employee AssistanceProgrammes

Early intervention helplines

Cognitive Behavioural Therapy

Corporate partnerships

VocationalRehabilitation

Utilising Consultancy support

Experienced GroupRisk Consultants

Joint clientvisits and support

Telesalescapacity

Data drivenmarket insight

Working in tandem with market insight

Benchmarking Propensity to buyMappingExisting block analysis

Prioritised prospect lists, based on actual buying

behaviours

Potential target clients in your

vicinity

The comparative cover offered by a company’s

peer group

Prioritised prospect lists, based on actual

buying behaviours

Potential conversation starters

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

Learning outcomes

01 02 03

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

Questions?

James Lawley

James.Lawley@unum.co.uk

07867 142863

Connect with me on LinkedIn

General questions:networks@unum.co.uk