UK SME Adoption of Employee Benefits 2017

2017-09-28
Price :
Published : Sep-2017
No. of Pages : 77

UK SME Adoption of Employee Benefits 2017

Summary

“UK SME Adoption of Employee Benefits 2017″, report highlights the opportunities in offering employee benefits by sizing the number of SMEs in the UK. It discusses the penetration of employee benefits among SMEs and factors affecting this, such as pension auto-enrolment. It explores how employee benefits are purchased, which are the top insurers, and the importance of offering benefits in attracting and retaining employees.

The report explores the provision of 10 employee benefits among UK SMEs across pensions, protection insurance, and healthcare benefits, which include private company pensions, pension contributions into a NEST government auto-enrolment scheme, life insurance, critical illness insurance, income protection insurance, private health insurance, healthcare cash plans, dental plans, cycle-to-work schemes, and childcare vouchers.

Employee benefits are a range of products provided to employees in addition to their normal salaries. Their purpose is to increase the economic security and wellbeing of staff, and they are pivotal in both attracting and retaining employees.

Businesses that offer more employee benefits are considered to be more attractive to employees. It means individuals do not have to purchase the equivalent benefits themselves, making their employee contracts more valuable. Providing employee benefits is also in employers’ best interests; encouraging health and wellbeing among employees will help to prevent illness and injury, and benefits can help get employees back to work sooner.

Scope

- Pensions are the most commonly offered employee benefit among SMEs due to auto-enrolment. This is followed by private health insurance, and life insurance and critical illness insurance. Penetration of all employee benefit products increases with SME size.
- Pensions are the most commonly offered employee benefit among SMEs due to auto-enrolment. This is followed by private health insurance, and life insurance and critical illness insurance. Penetration of all employee benefit products increases with SME size.
- The introduction of auto-enrolment, increases in business rates, rises in the national living wage, and Brexit have been putting pressure on SME profits. In order to cut costs SMEs may look to reduce the provision of employee benefits. SME business numbers and the employment rate may also fall due to pressures.
- Protection products are increasingly providing services such as virtual GPs, wellbeing apps that assess health using wearables, and rehabilitation services. Private medical insurance allows employees to skip NHS waiting lists, while healthcare cash plans and dental plans help promote health through free, regular check-ups.

Reasons to buy

- Understand the opportunity in cross-selling employee benefits alongside general insurance for SMEs.
- Adjust your strategy by discovering which are the most common employee benefits provided by UK SMEs, who the top providers are, and how employee benefits are purchased.
- Understand the current pressure on SMEs and how this may impact the sale of employee benefits.
- Be aware of how providers are innovating in the employee benefit space.

Filed in: Banking & Finance
Publisher : GlobalData
More Reports
Title Price Buy Now

The Global Wealth Market in 2017

The Global Wealth Market in 2017 Summary Global wealth market is on a continuous growth path. Worldwide liquid onshore assets will exceed $100tn by the end of 2017. However, the market is not homogenous: rates and reasons for growth differ between affluent segments, the level of economic development in any given nation, and local conditions. This means that understanding not just the actual size of a market, but also all of the above factors is crucial for wealth managers expanding to new countries and developing client targeting strategies. At the end of 2016, worldwide liquid assets held onshore by affluent individuals (those with assets exceeding $50,000) totaled $92.4tn. 2017 will see 5.4% growth, adding another $5.3tn to the global affluent wealth market. Although combined, t......
$5250

UK Travel Insurance: Market Dynamics & Opportunities 2017

UK Travel Insurance: Market Dynamics & Opportunities 2017 Summary In 2016, the UK travel insurance market experienced a decrease of 18% in the number of policies being written, which resulted in GWP dropping 9%. Profitability within the market has remained low despite a slight increase in travel insurance premiums, as the number of UK residents visiting abroad without travel insurance increases. With the overwhelming majority of visits abroad by UK residents being to Europe and the number of visits to this region increasing in 2016, the downturn in policy uptake by UK travelers could be explained by reliance upon the European Health Insurance Card (EHIC) system. Cost of claims for travel insurers increased in 2016 to £368.5m, despite the total number of claims falling almost 3% a......
$3450

UK SME Insurance: Market Dynamics and Opportunities 2017

UK SME Insurance: Market Dynamics and Opportunities 2017 Summary After recording a growth every year since 2012, the United Kingdom SME insurance market suffered a sharp decline in 2016. The market was worth £6.4bn in GWP in 2016, down 9.0% year-on-year. This was caused by tough economic conditions and an uncertainty surrounding the Brexit, which led to increased liquidations, reduced growth in the number of businesses open, and SMEs spending less on insurance. Declines in the number of businesses and insurance spend for companies with between five and nine employees has been particularly damaging. The number of companies in this size category fell by 4.1%, which is considerable as there are a large number of them and they have a high insurance penetration rate. Total SME insuran......
$3450

Offshore Investment: Booking Center Preferences 2017

Offshore Investment: Booking Center Preferences 2017 Summary Offshore investment market is growing once again, reassuring all banks and wealth managers serving this lucrative, if challenging segment that the Common Reporting Standard (CRS) and recent scandals have not put it into a terminal decline. However, the shape of post-CRS world is likely to be very different than what it was before: more concentrated, institutionally oriented, and with slower growth. Key findings include in this report - - Growth will slow in the retail non-resident sector as the CRS inclines more investors to book onshore, and obtain their geographic diversification via other means. Amongst the largest international financial centers (IFCs), those with the largest portion of institutional AUM such as Lux......
$5250

UK Employers’ Liability Insurance: Market Dynamics and Opportunities 2017

UK Employers' Liability Insurance: Market Dynamics and Opportunities 2017 Summary An unexpected extent of the changes to the Ogden rate has shaken the employers' liability (EL) market. Premium rate rises have been forced on a sector characterized by over-capacity and high levels of competition. In spite of the recent rate increases, underlying market dynamics persists, and the sector faces a period of continued turbulence, due to uncertainties over key pieces of legislation and the performance of the economy. Key findings include in this report - - UK EL market gross written premium (GWP) contracted by 7.4% in 2016. - Insurers have responded to the 2017 discount rate change with significant reserve strengthening and premium rate rises, which has led to estimates of more robust G......
$3450

Super League In-Depth Analysis: J.P. Morgan Private Bank 2017 – Tracking the world’s major competitors in wealth management

Super League In-Depth Analysis: J.P. Morgan Private Bank 2017 - Tracking the world's major competitors in wealth management Summary "Super League In-Depth Analysis: J.P. Morgan Private Bank 2017", is a comprehensive analysis of J.P. Morgan Private Bank's wealth management operations. It offers insight into the company's strategy, financial results, and marketing activities. It also covers recent merger and acquisition (M&A) activity, customer targeting, and product innovation. JPMorgan Chase & Co. is a US-based financial services company and the parent holding company of both J.P. Morgan and Chase. J.P. Morgan Private Bank is a brand used by its Asset & Wealth Management (AWM) business segment to cater to individuals and institutions with more than $10m in investible assets. Sp......
$1295

Super League In-Depth Analysis: RBC Wealth Management 2017 – Tracking the world’s major competitors in wealth management

Super League In-Depth Analysis: RBC Wealth Management 2017 - Tracking the world's major competitors in wealth management Summary "Super League In-Depth Analysis: RBC Wealth Management 2017", competitor profile is a comprehensive analysis of RBC's wealth management operations. It offers insight into the company's strategy, financial results, and marketing activities. It also covers recent merger and acquisition (M&A) activity, customer targeting, and product innovation. Headquartered in Toronto, Canada, RBC Wealth Management is one of the five main business segments of RBC. RBC Wealth Management has five divisions, including the company's Global Asset Management unit. RBC Wealth Management has 1,800 investment advisors in Canada and 1,800 financial advisors in the US. It operates 1......
$1295

Payments Landscape in Taiwan: Opportunities and Risks to 2021

Payments Landscape in Taiwan: Opportunities and Risks to 2021 Summary GlobalData's "Payments Landscape in Taiwan: Opportunities and Risks to 2021", report provides detailed analysis of market trends in the Taiwanese cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, payment cards, cash, direct debits, and cheques during the review-period (2013-17e). The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2017e-21f). It also offers information on the country's competitive landscape, including the market sh......
$2750

Payments Landscape in Hong Kong: Opportunities and Risks to 2021

Payments Landscape in Hong Kong: Opportunities and Risks to 2021 Summary GlobalData's "Payments Landscape in Hong Kong: Opportunities and Risks to 2021", report provides detailed analysis of market trends in Hong Kong cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, direct debit, cash, payment cards, and cheques during the review-period (2013-17e). The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2017-21f). It also offers information on the country's competitive landscape, including the market sh......
$2750

Payments Landscape in Malaysia: Opportunities and Risks to 2021

Payments Landscape in Malaysia: Opportunities and Risks to 2021 Summary GlobalData's "Payments Landscape in Malaysia: Opportunities and Risks to 2021", report provides detailed analysis of market trends in Malaysian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, direct debit, cash, payment cards, and cheques during the review-period (2013-17e). The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2017-21f). It also offers information on the country's competitive landscape, including the market shar......
$2750