Havensrock’s second new plan is a group income protection plan (GIP) aimed primarily at SMEs, and it has a strong emphasis on helping employers maximise productivity.
The core of the plan is a conventional group income protection product, with rates guaranteed for three years. The plan is aimed at 50+ members and there is no maximum scheme size. Commission can be included or the plan sold on a nil commission basis. Havensrock has also produced a technical guide to the plan.
What makes it different though is what might be thought of as the non-insurance elements of the plan. These include:
* Every insured member gets a free Fitbug Orb. This is a personal, easy-to-use, wearable movement and sleep tracker. Orbs are also available at discounted rate for non-GIP members.
* Members get access to a least one health MoT a year at their office through a Wellbeing People Interactive Health Kiosk. The kiosk records general health indicators including weight, height, body mass index, body fat index, blood pressure, resting heart rate, hydration and life balance. Employees receive an email and printout of their individual results and they are also notified of any health issues, which should then be discussed with their GP.
* Employees can combine their Fitbug and health MoT data on Wellbeing Tracker, which is a personal online health portal that also includes advice, challenges and an annual report.
* Employers get an annual collated and anonymised Wellbeing Tracker report.
* Long-term sick employees get practical and emotional support tailored to their needs from RedArc.
What They Say
PSHPC managing director John Dean said: “For the first time, income protection is wellness-enabled. Like more traditional policies, it still provides financial help for members who are too ill to work, but it is also uniquely based on employee wellness, education and engagement to proactively improve workplace health and reduce sickness absence.”
What We Say
"It’s not often our reviews say very little about the underlying technical features and benefits of the pure insurance side of a new product – but we make no excuse for that here. Fact is, on many group risk plans, employers will want to be sure they are getting the right underlying product and at the right price – and the market is competitive enough that they can compare prices to ensure they are getting both the right technical features and the best price.
"But increasingly, both employers and individuals want a proposition that is more than just a good price for the cover they want.
"Wellness and engagement are two key themes behind this new plan and Havensrock presents a raft of features designed to deliver on both. In essence, if you can engage your employees in their own health, encourage them to improve their lifestyle and support them if or when things go wrong, you’ll not only provide a more attractive employee benefit, but you should also end up with fewer and shorter claims and that should translate to better long term costs too.
"The concept has been building for years, but as an industry we still focus too much on price vs. benefits, ignoring the ‘human’ elements that make us, as consumers, more likely to buy one product over another, regardless of how cheap or expensive it is. Just think for example why you bought the smartphone you did – it certainly won’t have been because it was the cheapest.
"Havensrock has made a good stab at this in the GIP space, even if the rather theatrical product launch we attended might not have been to everyone’s taste (we loved it!).
"Time will tell if the formula is right, but my view is that unless we simply want to chase ever lower prices and to create a commodity market only, protection insurers need to be more radical in spelling out the human side of insurance. Only by doing that can we expect to make protection insurance a product to desire rather than simply a commodity that must grudgingly be bought. The ultimate test will be when people ask about what GIP benefits there are at every job interview they attend. We’re still some way from that becoming a reality…"