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Aug 29, 2023

Exploring the three ‘i’s’ that intermediaries bring to UK Group Risk insurance

Many employers still underestimate the benefits of buying group insurance from an intermediary. In fact, according to research recently released by Group Risk Development, the industry body for the group risk protection sector in the UK, only 26% of employers source employee benefits via an intermediary (or broker/adviser).

Having said that, however, GRiD research confirms that all employers who sourced benefits via an intermediary saw value in doing so, with many seeing multiple advantages:

  • 35% of UK employers say the intermediary has expertise in employee benefits that they don’t
  • 33% say the intermediary ensures the employee benefits they offer help them to be a competitive employer in their industry
  • 33% say the intermediary helps them communicate their benefits to their workforce
  • 30% say the intermediary keeps them informed of trends in the employee benefits space
  • 28% say the intermediary helps them spend wisely

There’s no doubt that using an intermediary to source employee benefits has a number of benefits for both the employer and their employees, as Unisure UK Group Life Underwriter, Lewis Twist, confirms.

“At Unisure, we don’t give financial advice, and as a result we work solely through intermediaries to sell our products,” he explains. “Not only does an intermediary’s impartiality help clients decide what the best options for each employee benefit are for their company, but they also save time and resources by holding documentation for numerous providers and collating the quotations received.”

An intermediary’s expertise is also such that they’re aware of different providers’ Terms and Conditions, for example, they can make sure the terms fit the employers needs.

“Every insurance provider has their own Actively At Work (AAW) requirements, which could confuse employers,” Lewis explains. “Not only would it be up to the intermediary to analyse the various different AAW clauses and see which one best fits their client’s needs, but in our case, we listen to market and broker feedback very closely, and we actually altered our Unisure AAW conditions to suit more clients’ needs.”

“Without an intermediary facilitating these discussions, a client might not be aware that some insurance providers are agile and dynamic enough to customise a policy for their particular needs,” Lewis explains.

Another benefit to using an intermediary lies in knowing which companies offer Registered or Excepted Master trusts, or both (as is the case with Unisure’s UK Group Life offering), and what the likely changes or exclusions in future legislation might be.

Lastly, intermediaries also help their clients stay on top of employee benefit trends and do business with companies that are flexible, innovative, and receptive to changing their offerings to suit employer and employees’ changing needs.

“Intermediaries will go to the market for a quotation each year to make sure that the best rate and service is being provided to their client,” Lewis elaborates. “This means a company will be able to make an informed decision around whether or not to remain with their current provider, as well as see what other competitive quotes and benefits packages are available. This saves time and effort for the employer, who wouldn’t need to ‘shop’ around themselves, and gives them peace of mind that they can rely on an impartial intermediary to source the best price, service and policy terms for their company at every annual renewal date.”

Here’s what intermediaries have to say about Unisure’s service and products:

“We have worked with Unisure over the last two years and have found their services excellent. We have received very quick response times to any underwriting queries we may have. Employees are so helpful, especially advising on more bespoke company schemes. Having also recently experienced Unisure’s claims process, this was dealt with sensitively, quickly, and very smoothly.” – Elaine Freeman, Group Risk Specialist, Jackon Jeffrey Independent Financial Services.

“Working with Unisure makes the renewal of our Keyperson and Group Life cover quick and easy – they are always quick to respond to any questions we may have and clarify the terms of our policies.” – Louisa Foreman, Asso CIPD & Personnel Manager, Smith & Pinching Chartered Financial Planner.

If you want a UK Group Life quote for your client or company, whether for a new policy or to upgrade an existing policy, please visit our website for more information, or get in touch with us via info@unisuregroup.com or lewis@unisuregroup.com.

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