Bridging the protection awareness gap

Bridging the protection awareness gap
Taking a fresh look at a long running issue
September 2014
Contents
1
About MetLife
2
Introduction – Tom Gaynor, UK Employee Benefits
3
Chapter 1 – Valuing Employee Benefits
4
Chapter 2 – The Awareness Gap
10
Chapter 3 – The Employer Gap
13
Chapter 4 – The Opportunity for Advisers
15
Conclusion
17
About MetLife
MetLife UK’s Employee Benefits business is growing rapidly, building on its
strong base among Small and Medium-Sized Enterprises (SMEs) and leveraging
its global expertise to provide solutions for multi-nationals.
Our parent company MetLife, Inc. is the number one
employee benefits provider in the US covering nearly
40 million employees and their dependants and it has
leading market positions in over 20 countries. The UK is
a focus country for MetLife’s Global Employee Benefits
division as part of the worldwide strategy to grow the
Employee Benefits business.
We are committed to:
• Delivering on our insurance promise
We partner with advisers and employee benefits
consultants to provide solutions to companies that help
them manage the risks of illness, injury and death during
the working lives of their employees.
To speak to a MetLife Employee
Benefits representative call:
0845 603 8899
• Providing excellent service
• Listening to our customers
• Making a positive difference in our communities
2
Introduction – Tom Gaynor, UK Employee Benefits
There are some problems that we as humans face that
are seemingly unsolvable. Our natural tendency towards
laziness is one example, with successive governments
conceiving and delivering incentives and disincentives
designed to get us off the sofa and on the road to
health but arguably not achieving much.
We know we should take action but more often than
not we don’t. When we do, it’s often a shock that
prompts a reaction.
Awareness of the value of protection is a similar issue.
We know there is a gap, but despite recent reports of an
increase in lives protected through Life, Critical Illness and
Income Protection policies, the figures stated hardly touch
the sides.
Most of us in the industry could probably recite the
topline figures in our sleep: a £2.6 trillion gap translating
into people’s lives with estimates of more than 6 million
people with no mortgage protection and more than half
the population with no life insurance cover.
But focusing on the Protection Gap and imploring
advisers and employers to realise the not-so-obvious
benefits blinkers our thinking and limits our ability to
do something that will make a difference. By focusing
only on what is missing we fail to notice what has been
achieved, what’s changing and what can be achieved in
the future. If we talk about a Protection Gap we make
not having protection appear to be the norm; persistently
focusing on the Gap makes it seem unbridgeable.
Focusing only on the Gap fails to recognise the growth
and success of the Group Risk and employee benefits
market as well as its potential to grow as the world of
work and society as a whole change.
Traditional retirement ages have become increasingly
meaningless as longer life expectancy and healthier
lifestyles mean people are working longer. More people
want and need to work in later life. The Government has
responded with plans for increased pensions flexibility,
changes to the State Pension and, crucially for the
employee benefits market, the introduction of automatic
enrolment into workplace pensions.
Employers themselves are both driver and passenger
when it comes to the journey that is the changing world
of work and the demands from employees will continue
to change. In an uncertain world, a major benefit of
Group Risk solutions is the fact that they provide certainty
and mitigate risk.
The data in this report examine the behaviours and
confusion that underlie it.
There are some real and practical actions that advisers
can help employers implement, which will start to
accelerate an increase in awareness, generate loyalty and
engagement, and in turn minimise the dependence on
shocks to the system (an employee dying while in work;
a valued colleague falling seriously ill) as the triggers to
generate change.
Tom Gaynor, UK Employee Benefits Director
3
Chapter 1 – Valuing Employee Benefits
As the economy heaves itself out of recession with encouraging signs of
growth, the businesses that drive it are starting to review and change their
benefits packages.
Over the past year, MetLife Employee Benefits research1 has
looked at what’s been happening in the world of employee
benefits and found that not all of it is good news: 13% of
employees say their benefits packages have been reduced
over the last 12 months. Around 14% of staff say their
benefits packages have been improved and the majority
– 66% [en] - say their benefits packages are unchanged.
7% admit they do not know – a symptom of a general
weakness amongst employers in terms of their ability or
willingness to communicate benefits to their employees.
Workplace satisfaction
Job satisfaction is an interesting metric. In one respect,
it can be seen as a useful proxy for a country’s economic
health. But while data shows that output is increasing,
productivity in the UK remains weak. The UK is known to
be less productive than other similar developed countries.
In June 2014 the International Monetary Fund (IMF)
said poor productivity in the UK was a key risk to future
economic health.2
The UK has seen an improvement in output, but
productivity has failed to rise in tandem – creating
the “productivity gap” – and is below that of other
developed countries.
Changes in benefits
7%
14%
13%
66%
Reduced
Unchanged
Improved
Do not know
1/5
Productivity per worker is practically unchanged from
2010, with very little growth over the period – the measure
is still more than 4% below its peak, recorded at the end
of 2007.
Could it be that our endemic long hours culture and
tendency for presenteeism is stifling our ability to produce
goods and services efficiently? It would appear so.
However, job satisfaction is a hygiene factor for a
successful business and so MetLife Employee Benefits
asked a representative sample of UK workers to rate their
levels of satisfaction and dissatisfaction across a range of
12 workplace issues and the results are overleaf.
British workers now produce about a fifth
less for every hour worked than other
leading G7 nations.*
The world’s seven most industrialised economies (Canada, France, Germany, Italy, Japan, US and UK)
*
4
Employee satisfaction indicators3
Issue
Net satisfied
Net dissatisfied
Salary
35%
33%
+2%
Holiday entitlement
60%
15%
+45%
Financial employee benefits
23%
48%
-25%
Non-financial employee benefits
18%
59%
-41%
Communication about pensions
28%
39%
-11%
Communication about employee benefits
23%
45%
-22%
Workload
30%
36%
-6%
Working environment
40%
27%
+13%
Career progression
25%
42%
-17%
Working relationships with managers/peers
49%
22%
+27%
Financial education
21%
46%
-25%
Job security
42%
26%
+16%
The emotional contract
In general employees are positive on salary, holiday
entitlement, working environment, working relationships
with managers and peers, non-financial benefits and
job security. Levels of satisfaction are highest for holiday
entitlement at +45%.
However workers are on balance dissatisfied with financial
and non-financial employee benefits, communication
about pensions and employee benefits, workload, career
progression and financial education in the workplace.
Levels of dissatisfaction are highest for non-financial
employee benefits at -41%.
The negative scores continue with communication
about employee benefits at -22% and even pensions
communication at -11%. This is disappointing considering
the effort that has gone into workplace auto-enrolment.
Employers have proved generous with holidays and
even achieved positive scores on salaries despite recent
wage restraints. Employees are also generally happy
with job security and their working environment and
working relationships.
Positive or negative?
The challenge for employers is clearly to improve
communication – and this is an area in which advisers
and Employee Benefit Consultants (EBCs) can help. They
can start by setting out simple communications models
and even helping employers to implement them so that
employees first of all become aware of their benefits and
then start to understand and appreciate them.
Our research shows that this is worth focusing on
– there is clear evidence that employee benefits when
they are communicated well can help with employees’
emotional or psychological contract with their employer.
Well-designed employee benefit packages,
communicated well, can therefore improve
loyalty and help with staff retention.
Quality
of benefit
communications
Employee loyalty
5
4
Loyalty
Feeling valued
33%
35%
More than a third of employees (35%) say that the
benefits they are offered at work in addition to salary
and holiday entitlements increase their loyalty to
their employer.
A similar number (33%) say that the benefits they
are offered make them feel valued and cared for by
their employer.
Why loyalty matters
Why feeling valued matters
A loyal cohort of employees brings significant benefits
to a business. First of all it creates a stable foundation.
Employees who stay with an employer know their
way around the business, and know each other,
customers and suppliers. Operating from a stable
employee base is important at the best of times but
even more so as businesses at a strategic level are
navigating unprecedented levels of change. Where
the employee base is stable, organisational resilience
through challenging periods is hugely beneficial and
loyal employees can help ensure customer service is
maintained. Retaining talent and intellectual capital is
important, too. The time, energy and investment that go
into onboarding new employees is significant and this is
on top of the pure cost of recruitment.
Making work-life balance a reality for their people
is something many organisations are recognising as
essential best practice. That’s because today’s employees
face a multitude of challenges. It’s no longer the case that
workers can put their “home” issues to one side Monday
to Friday. With children and often elderly relatives to care for,
employees need to feel valued which in turn means they feel
trusted. When they are trusted they are motivated and can
bring their “best selves” to work. This pays back in spades
for employers as it works both ways.
In general younger workers are more receptive
– 58% of those aged 18 to 24 say employee benefits
increase loyalty to their employer while 56% say they
feel valued and cared for by their employer because of the
benefits offered.
The most powerful equation employers can look to create for employers is therefore:
Loyalty + feeling valued = engaged, productive and motivated workforce
6
There is a balance to be struck as older employees are less
receptive – just 27% of those aged 55 to 64 say employee
benefits make them feel more valued and cared for while
28% say benefits increase their loyalty.5
This could be because, as workers approach retirement, their
focus starts to move toward concerns about it – financial
planning, concerns about the health impacts of ageing, and
estate and inheritance issues as they worry about protecting
their children.
The moves by the government in the April 2014 Budget
acknowledge the first factor at least but there are
opportunities for employers to step in with access to
financial guidance at an earlier stage. Many Group Income
Protection schemes offer financial guidance as part of the
Employee Assistance Programme so it should be easy for
employers to step up and help here without any impact on
the bottom line.
• Improved communication of benefits provides real
opportunities for employers, advisers and employees.
• E mployers can improve retention and increase loyalty
without spending heavily on higher wage bills.
• E mployees can increase the financial protection for
themselves and their family by making use of benefits
on offer.
• A
dvisers and EBCs can demonstrate their experience
and expertise by providing cost-effective benefits and
accessing a growing market.
Employee Benefit Consultants, advisers and
employers with the support of providers such
as MetLife have a powerful story to tell
7
The Wellness Agenda
The employee benefits market is increasingly focusing on
health and wellness programmes. It is a theme taken up
by the Government as well with the launch of its Health
and Work Service planned for December 2014 aimed at
cutting the £14 billion cost of long-term absence and
assisting people to return to work.
Wellness programmes can cover a variety of issues from
helping to promote healthy lifestyles and healthy eating,
to helping staff stop smoking and providing health
examinations such as eye tests. Some include family-friendly
policies such as flexible working and promoting a work-life
balance, which as we saw earlier can bring tremendous
value to employers in terms of sustainable engagement.
Innovation
The risk of long-term illness demonstrates the need for
employers and employees to protect employee income (and
their balance sheets) if they cannot work. Natural evolution
and a way to further increase the effectiveness of income
protection solutions is where individuals can benefit from
wellness programmes that prevent the sickness happening
in the first place or at least reduce its duration.
The case for a well-designed and communicated employee
benefits package is clear as it boosts staff loyalty and helps
with staff retention. Health and wellness programmes
will add substantially to those benefits by helping reduce
absenteeism. They can also provide opportunities for
ongoing communication and engagement in the benefit
itself which becomes a permanent fixture rather than
something to access once sickness has occurred.
Employers need to be able to control the costs of employee
benefit schemes while employees need to be able to see
that benefits are valuable.
In order for schemes to be cost-efficient and effective
in improving loyalty and retention employers need to
encourage active employee participation, making the
benefits of the scheme clear and easily accessible.
85%
Where employees are engaged in, and use, preventative
services, wellness programmes can be cost effective as over
time they can minimise claim costs.
MetLife research shows 85% of EBCs welcome
innovation in Group Income Protection aimed at
helping employees return to work and they believe
help to prevent absence is the most attractive feature
of Group Income Protection policies.6
8
The Communications Challenge
A good model to use in creating a benefits communications strategy
is the ABC of Benefits Communications:
• A
: Acknowledging the different employee demographics and
their different needs, demands, problems and concerns at different
life stages.
• B
: Blending communications. Not all employees want to receive
the same messages nor necessarily get them via the same media.
A “one size fits all” approach will have minimal impact although
is better than nothing at all.
• C
: Continuing to communicate all year round and not simply once
a year, when benefits choices are made and contracts are renewed
or when new staff join the organisation.
Putting it into practice
MetLife has simple and practical tools employers can use to create and
implement a Benefits Communications Strategy. Find out more:
0845 603 8899
[email protected]
Blending communications
channels
Ademographics
cknowledging employee
9
Communicating
all year
round, not just annually
Chapter 2 – The Awareness Gap
We saw from the previous chapter that there are significant benefits to be had
from investing time and effort in communicating benefits in the workplace.
We will now turn to the data again to examine the nationwide prevalence of
Group Risk across the UK working population.
Swiss Re’s Group Watch 20147 shows that at the end
of 2013 a total of 10,995,463 employees were insured
under Group Risk arrangements – an increase of 2.8% (or
300,000) over the previous year. Since 2009 the number
covered has increased by 1.5 million.
In 2013, the number of people insured for death
benefits grew by 2.2% while the number covered for
income protection insurance increased by 3.8% and the
number covered for critical illness rose by 12.8%. The
number of in-force group schemes fell slightly for death
benefits by 1.5% and long-term disability insurance by
0.8% but grew by 8.1% for critical illness. The data are
positive and indicate a slow but steady growth that offers
opportunities for advisers to demonstrate their expertise
and experience. Employees are increasingly looking to
their employer for insurance they would not necessarily
buy as individuals.
Understanding of benefits
MetLife Employee Benefits research8 shows an apparently
strong understanding of employee benefits – 77% of
staff questioned claim to understand the employee
benefits they are offered by their employer.
Perceived understanding is strong across all age groups –
72% of 18 to 24-year-olds claim to understand the benefits
on offer rising to 83% among those aged 55 to 64.
However digging deeper into the research shows the
understanding of employee benefits – and protection
cover – is not as strong as is claimed.
The number of insured employers is on the rise
12.8%
Critical
illness
3.8%
Income
protection
insurance
2.2%
Death
benefits
10
The table below shows the percentages of employees who say they have employee benefits. Just 13%
of the UK workforce – equivalent to around 3.95 million people – claim to receive no employee benefits.9,10
Benefit
Percentage who receive it through work
Pension with employer contributions
74%
Pension without employer contributions
8%
Income protection/permanent health insurance
11%
Life assurance
20%
Private medical insurance
18%
Additional paid holiday above statutory minimum and Bank Holidays
38%
Other – including gym memberships, subsidised canteens etc
11%
This study shows that there is strong potential demand
for income protection insurance from staff and
recognition of its value – 67% would be interested in
receiving it as part of their employee benefits package.
Just 16% would not be interested in receiving it while
13% did not have an opinion.
Protection confusion
When we drill down into the data the root cause of the
inertia that is inhibiting growth in sales of protection
products starts to be revealed.
59% of employees claim to have life insurance through
work or individually and 39% claim to have income
protection insurance through work or individually.
Put another way, that would mean 41% of employees
– equivalent to 12.47 million people – don’t have life
insurance and 61% [en] - equivalent to 18.56 million
people – don’t have income protection insurance.9
Comparing the research data is very revealing: the
Association of British Insurers estimates that only
180,000 UK households have income protection
insurance yet 39% of employees surveyed claimed
to have it. Even more concerning, the research shows
around 1.52 million workers saying they pay for their
own income protection while also receiving cover
from their employer.11
THIS WAY
AY
W
THIS
11
There is confusion at every level:
confusion over what is provided through
work and what people have (or think they
have) themselves; confusion over what is
covered and what is not.
What does this mean? Whilst many may have mortgage
protection insurance or payment protection insurance
protecting parts of their income it is highly unlikely they
have income protection insurance.
There is confusion at every level – confusion over what is
provided through work and what people have (or think
they have) themselves and confusion over what is covered
and what is not.
67%
All of this points to a significant awareness gap which is
more important for the industry to campaign about than
the Protection Gap itself. Until employees (and employers
themselves) understand the nature of the protection they
do or don’t have, repeating message after message about
a Protection Gap is arguably pointless.
What it does mean is that there is a clear opportunity
for advisers, EBCs and employers themselves to do a
much better job of communicating the benefits they
have to those they are providing them for.
Income protection interest12
16%
13%
Interested in
income protection
Not interested
No opinion
12
Chapter 3 – The Employer Gap
Employers play a major role in providing protection for the UK workforce
– from the total directly employed workforce around two-fifths are covered
by some form of group risk arrangement.
Of course employers vary enormously by size and industry – sole traders are usually able to offer much less than major
employers with large group risk policies.
MetLife Employee Benefits research13 with a nationally representative sample of UK businesses shows the employee
benefits on offer across a range of companies and the level of understanding from the finance directors and human
resources directors responsible.
Benefit
Percentage of companies offering it
Pension with employer contributions and life insurance
44%
Pension without employer contributions
7%
Private medical insurance
8%
Income protection
6%
Additional paid holiday above statutory minimum and Bank Holidays
21%
Other – including gym memberships, subsidised canteens etc
35%
The mean number of benefits offered by UK companies is 1.32. However there are inevitably differences when
companies are compared by size. Larger firms make up a smaller proportion of the number of UK companies. Out of
a total of 4.9 million UK businesses around 99.9% are categorised as small and medium sized enterprises or SMEs.
On average companies that offer life
assurance are providing 3.3 times salary
in cover for their staff with just 18%
offering less than two times
13
The same data analysed below for size of business tells a different story.
Benefit
Sole
trader
2-5 staff
6 – 10
staff
11-50
staff
51-250
staff
250+
staff
Pension with employer contributions and life insurance
31%
31%
67%
53%
91%
90%
Pension without employer contributions
10%
5%
3%
15%
4%
8%
Private medical insurance
3%
6%
12%
6%
33%
26%
Income protection
3%
4%
9%
6%
18%
14%
Additional paid holiday above statutory minimum and
Bank Holidays
9%
19%
23%
38%
27%
26%
52%
41%
26%
16%
3%
3%
Other – including gym memberships, subsidised
canteens etc
Inevitably the bigger the company the more benefits on offer – the mean across all businesses is 1.32 but it rises to
more than two for companies employing between 51 and 250 staff.
Interestingly, smaller businesses appear to offer “other”
benefits to their employees in greater numbers than
their larger counterparts. This itself creates a significant
opportunity for advisers to support smaller companies in
helping them review their benefits packages, with a view
to helping them understand the significant reciprocal
benefits of introducing Group Risk to their packages.
Benefits provision also varies across industries and
business sectors; construction firms are the least likely to
offer pensions with employer contributions with just 27%
saying they do compared with 75% among education,
health and public administration. Around 19% of
education, health and public administration organisations
offer income protection and 21% offer PMI.
Employer commitment
The benefits on offer are generous across most
companies as one moves up the size spectrum – on
average companies that offer life assurance are providing
3.3 times salary in cover for their staff with just 18%
offering less than two times.
Employers are seeing increased demand from staff
for employee benefits – around one in 12 or 392,000
companies say they have seen increased interest from
their employees in the past six months. That rises to 12%
among firms with between 51 and 250 employees but
drops to 4% among firms with more than 250 staff. It’s
clear that the provision of a good benefits package as
part of an overall package is important to workers seeking
careers with SMEs – and SMEs can easily turn this to their
advantage by making sure they communicate them.
The raw numbers from employers paint a picture of
a growing sector with strong demand where benefits
are valued, but as we have seen it’s not evident that
employers are maximising the value of the benefits
they offer in terms of what they provide and how
they communicate them. There is definitely room for
improvement and for advisers to support employers
in making those improvements – the topic of our
final chapter.
Employers are seeing increased demand
from staff for employee benefits
14
Chapter 4 – The Opportunity for Advisers
Workplace pensions auto-enrolment is the biggest catalyst in decades to enable
the transformation of the relationship between employers and employees. The
Government estimates that auto-enrolment could lead to as many as 11 million
new pension savers in the UK as employers launch workplace schemes. The
early indications are that auto-enrolment is succeeding with the ONS Annual
Survey of Hours and Earnings for 2013 recording a 3% rise in overall pension
scheme participation rates.
The major impact so far has been on very large employers
– around 51% of employees in companies with more than
5,000 staff are members of workplace pension schemes
compared with 36% in 2012. Bigger companies were
the first to start auto-enrolment in October 2012.
It is of course still early in the process – auto-enrolment
is not scheduled to complete until 1st February 2018.
However the process is now well advanced and as of
1st August 2014 companies employing between 40
and 49 staff were the latest to start introducing the
option of workplace pension schemes.
The employee benefits opportunity
The impact will not be as dramatic on the employee
benefits market but MetLife Employee Benefits research14
shows auto-enrolment is having a positive effect and this
highlights the potential opportunity for advisers.
More than a fifth (21%) of employers are
considering reviewing their other employee
benefits provision in the wake of the introduction
of auto-enrolment.
1 in 5 of all companies is considering
reviewing their employee benefits
15
The table below shows how that breaks down
among firms of varying sizes.
Number of employees
Percentage intending to review
employee benefits
Sole trader
5%
Two to five
31%
Six to 10
19%
11 to 50
26%
51 to 250
25%
More than 250
19%
All companies
21%
Transport and communications companies are the most
likely to be planning to review employee benefits as
a result of auto-enrolment with around a third (32%)
looking to review followed by 30% of companies in the
financial, property and business services sector and 29%
of construction companies.
There is a clear opportunity for advisers to demonstrate
their expertise and experience by helping employers
identify suitable solutions.
The opportunity may be clear but the research shows
that companies would potentially value advice.
Uncertainty wins the day – 41% of all companies planning
to review or introduce benefits are not sure what they
want to change.
This in itself is an interesting statistic that could imply that
far more than a fifth of companies would actually want to
review their benefits were they not so uncertain about what
to review. Uncertainty creates inertia – and advisers are well
placed to help employers address this.
When companies do have a clear idea about what to review
income protection is the winner and the most likely product
to be reviewed or introduced – a third (32%) of those
planning to introduce or improve their benefits package will
look at income protection while 18% will look at private
medical insurance.
The table below shows the level of uncertainty about what to review across different sizes of company and
the average across all firms.
Income Protection
PMI
Life Assurance
Additional
Holidays
Not sure
Sole trader
27%
45%
22%
N/A
29%
Two to five staff
34%
5%
N/A
15%
52%
Six to 10 staff
38%
24%
19%
21%
40%
11 to 50 staff
13%
44%
12%
27%
21%
51 to 250 staff
76%
13%
21%
12%
12%
More than 250 staff
49%
21%
N/A
16%
30%
All companies
32%
18%
8%
17%
41%
Number of staff
41% of all companies planning to review or
introduce benefits are not sure what they
want to change.
16
Conclusion
As our research shows,15 there are plenty
of compelling reasons for advisers to take
on the challenge of helping employers
provide the benefits that will keep their
employees happy and engaged.
• Employees that are trusted and offered
a range of flexible benefits are more likely
to be loyal to their employer.
• This level of engagement increases when
employers communicate the options available
effectively to their workforce.
• Advisers can help organisations with this
communication process, but also with the
intricacies of the benefit review process
– enabling employers to identify suitable,
cost effective and engaging solutions.
• As the world of work continues to change,
employers will need to continue to flex the
ways in which they reward their workforce.
Advisers are in a strong position to discover
significant opportunities to support this activity
and close the information gap.
17
To find ou
t more ab
out
MetLife E
mployee B
enefits an
the suppo
d
rt we can
p
rovide in
communic
ating them
contact
us on:
0845 603
8899
ABCbenefi
ts@metlife
.com
References
1.MetLife Employee Benefits research conducted online
by independent market research company Consumer
Intelligence among a nationally representative sample
of 997 employees aged 18+ between July 15th and
19th 2014.
2.http://www.imf.org/external/np/ms/2014/060514.htm
3.
See reference 1.
4.
See reference 1.
5.
See reference 1.
6.MetLife Employee Benefits research conducted online
in November 2013 among 100 specialist employee
benefit consultants through Survey Monkey.
7.http://www.swissre.com/media/news_releases/
nr_20140408_Group_Watch_UK_2014.html
9.
See reference 8.
10.http://www.ons.gov.uk/ons/rel/lms/labour-marketstatistics/july-2014/index.html
11.https://www.abi.org.uk/Insurance-and-savings/
Industry-data/Free-industry-data-downloads/UKInsurance-Key-Facts-2013
12. See reference 8.
13.MetLife Employee Benefits research conducted by
BDRC Continental among a nationally representative
sample of 500 businesses with turnover of more than
£50,000.
14. See reference 13.
15. Refers to all references (1-14).
8.MetLife Employee Benefits research conducted online
by independent market research company Consumer
Intelligence among a nationally representative sample
of 1,044 employees aged 18+ between March 29th
and April 3rd 2014.
18
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