Two out of three employee benefit consultants would like to see more protection products for those working in the gig economy.
A survey, by MetLife, found more than half of EBCs said that group risk providers should be doing more to address the protection gap, which has been exacerbated by modern working patterns.
This would included designing work-based schemes to cover those working for the gig economy. EBCs said changing work-patterns could be a “significant growth area” for the industry, with could help address unmet protection needs among gig workers, and potentially the self employed.
Many in the protection industry would like to see more flexible work-based products that could be transferred to an individual product, when employees leave the workplace.
Recent figures show that there are currently 7.6m people either self-employed or working in the gig economy.
In this survey EBCs say that the industry is behind the curve in developing solutions relevant to these groups of workers.
Around 57 per cent of EBCs would support legislation to extend workplace pensions auto-enrolment or group life assurance to cover the self-employed earning above a certain income.
The Department for Work and Pensions is currently testing a number of approaches designed to increase pension saving among the self-employed.
EBCs recognise they and providers have to change: 67 per cent say benefit communications have to be enhanced and segmented for different age groups to ensure employees are aware of and understand how their benefits can work for them.
MetLife’s employee benefits director Adrian Matthews says: “Changes in the world of work are reshaping how companies operate and that needs to be reflected by the group risk industry.
“One key area that could be addressed is people employed on permanent contracts who are facing modern-day challenges that are very different to the working environment when traditional benefits products were conceived.
“Benefits should form a core element of an employer’s value proposition and can be powerful in attracting and retaining employees. But employers need support in communicating the benefits they offer and providers and advisers can help them, making benefits communications part of everyday working lives and not just a once a year event.”
