Sales of corporate cash plans have remained resilient through the Covid-19 downturn, but there has been a modest 2.3 per cent fall in the number of employees covered on this plans, according to Corporate Adviser’s latest Workplace Protection and Wellbeing Report.
Figures for Corporate Adviser’s Workplace Protection and Wellbeing Report show that it has been a difficult year for these sector of the market with restrictions on movement hindering employees’ ability to use the consultations and therapies that they can claim for through their products.
However, advisers and providers remain optimistic that as the country moves out of the pandemic there will be increased demand for these affordable benefit plans, with almost six out of 10 saying clients would be ‘more likely to buy’ in future.
Anonymised responses from cash plan providers show a general confidence in the sector. Virtually all see 2021 business levels likely to be higher than 2020, and all see an upward trajectory in 2022.
Data for the report shows that Health Shield remains the UK’s biggest cash plan provider. Bupa, Medicash and Simplyhealth all recorded double-digit growth in the number of employees covered through corporate-paid plans.
The claims-per-employee ratio on corporate cash plans fell from 1.92 per cent in 2019 to 1.25 in 2020.