First Actuarial has moved into the group protection sector, with a new consultancy service designed to support clients with wider employee benefits.
The company has recruited a team of specialist consultants and will provide a full consulting, broking and administration service. It says this new service has been set up in response to demand from First Actuarial’s pension consultancy clients, and will cover the full range of employee benefits including life assurance, income protection and critical illness cover.
First Actuarial’s group protection consultant Suzie Nedza says: “Employee benefits can be complex and costly, and achieving a return on investment is key. Our consultants use their expertise to match employer requirements to suitable benefits, safeguard compliance and deliver value for money.”
She points out that demand for these products had risen during the cost-of-living crisis with employers competing to recruit and retain the best people and deliver wellbeing support in the workplace. Figures show that in the past year alone, the insurance industry has insured 900,000 additional employees for group protection.
Nedza adds: “Group protection cover gives employees important financial protection, which is more valued than ever during the current cost-of-living crisis. And with complementary support such as mental health, neurodiversity and more, it’s a valuable addition to any employee value proposition and wellbeing programme.
“Giving employees peace of mind and access to wellbeing support can enhance both their personal and professional lives.”
First Actuarial’s specialist consultants have established relationships and formal agreements with all major group protection insurers.
