First Actuarial launches new group protection services offering

03 July 2024 3 min. read
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Group protection employee benefits are an increasingly popular part of companies’ offerings to prospective employees. First Actuarial has launched a new service to support clients with their group protection needs, providing a full consulting, broking and administration service to guide clients through this complex area.

A group benefits policy aims to provide financial protection to employees and their families in the event of disability, illness or death. In the wake of the pandemic, where ‘long-Covid’ remains a major issue, while the cost-of-living crisis means a sudden loss of income could prove devastating to many people, these benefits are becoming increasingly popular – as a way of ensuring overall financial wellbeing.

The most common group benefits include group life insurance, providing a lump sum benefit to an employee’s beneficiaries in the event they die; group income protection, which does the same if they are unable to work due to injury or illness; group critical illness, for an individual over a set period following diagnosis of a specified medical condition; and private medical insurance, ensuring staff can obtain swift private-sector treatment if NHS waiting lists prevent them from getting timely care.

First Actuarial launches new group protection services offering

Suzie Nedza, a group protection consultant with First Actuarial, commented, “Group protection cover gives employees important financial protection, which is more valued than ever during the current cost-of-living crisis. And with complimentary support such as mental health, neurodiversity and more, it’s a valuable addition to any employee value proposition and wellbeing programme. Giving employees peace of mind and access to wellbeing support can enhance both their personal and professional lives.”

As firms look to attract and retain employees, group protections are often seen as a strong part of their offering to staff. As a result, in the past year alone, the insurance industry has insured 900,000 additional employees for group protection.

To respond to these changes, First Actuarial – a consulting firm specialising in the insurance and pensions sector – has set up a specialised team to cater to group protections demand. Employee benefits can be complex and costly, and achieving a return on investment is key, so First Actuarial’s pension consultancy clients will now receive advice from its experts, helping to match employer requirements to suitable benefits, safeguard compliance, and ensure value for money.

Together, First Actuarial’s dedicated group protection experts offer seven decades of experience. Its specialist consultants have well established relationships and formal agreements with all major group protection insurers. The team is poised to become part of First Actuarial’s company-wide growth story.

Nezda added, “I joined First Actuarial because it looked like a business that was open to innovation. It was an exciting opportunity to develop a group protection service and extend the firm’s offering to clients. I also liked the idea of working for a company that matched my personal values. We listen to clients and develop long-term trusted relationships, and we don’t try to sell services they don’t need.”