Summary

"UK SME Adoption of Employee Benefits 2018", report highlights the opportunities that exist in offering employee benefits by sizing the number of SMEs in the UK. It looks at the penetration of employee benefits among SMEs and the factors affecting this. It explores how employee benefits are purchased, identifies the leading insurers, and highlights the importance of offering benefits in order to attract and retain employees. The report also discusses what prompts SMEs to take up various employee benefit products.

Employee benefits constitute a range of products provided to employees in addition to their normal salary. Their purpose is to increase the economic security and wellbeing of staff, and these benefits are pivotal in both attracting and retaining employees. Businesses that offer more employee benefits are considered to be more attractive to employees.

Scope

- Generation X and baby boomers - the older generations within the workforce - are more driven by financial benefits than younger demographics.
- For most product lines, 80-90% of the reason companies started offering a benefit was either driven by employee demand or by companies feeling they needed to offer it to attract and retain staff.
- Employee benefits are only sold via agents around 10% of the time.

Reasons to buy

- Understand the opportunity in cross-selling employee benefits alongside general insurance for SMEs.
- Adjust your strategy by discovering the most common employee benefits provided by UK SMEs and which providers lead the way in this space.
- 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.

Companies Mentioned
AXA
Aviva
Bupa
Zurich
Scottish Widows
Aegon
L&G
Simply Health
Cigna
Vitality