Havensrock Income Protection
Havensrock is part of the Punter Southall group and launched in October 2014. Its new group income protection plan (GIP) is underwritten by Aviva and is distributed through Punter Southall Health and Protection Consulting (PSHPC).
The product includes a conventional GIP core but with a strong emphasis on helping employers maximise productivity. Rates are guaranteed for three years and the plan is aimed at 50+ members (there is no maximum scheme size). Commission can be included or the plan sold on a nil commission basis. A useful online technical guide to the plan is available.
On top of the traditional pure insurance benefits, Havensrock has added:
Each insured member gets a free Fitbug Orb. This personal, easy-to-use, wearable movement and sleep tracker is also available at a discounted rate for non-GIP members.
Wellbeing People Interactive Health Kiosks enable scheme members to get at least one health MoT a year at their office. Kiosks record general health indicators such as weight, height, body mass index, body fat index, blood pressure, resting heart rate, hydration and life balance. The employee gets an email and printout of their individual results and is notified of any health issues, which should then be discussed with their GP.
Fitbug and health MoT data can be combined on Wellbeing Tracker - a personal online health portal that offers advice, challenges and an annual report.
Employers get an annual collated and anonymised Wellbeing Tracker report.
Employees who become long term sick get practical and emotional support tailored to their needs from RedArc.
Comment: IP is still the poor relation in protection insurance and one way to change that is to encourage greater employee engagement. In addition, Havensrock believes, it is not just possible but preferable to build in tools that encourage healthier living, giving benefits to employees as well as employers. That is the basis of this plan and Havensrock has succeeded in bringing together some interesting products and services, including the wearable Fitbit Orb. Surely, that’s a much better free gift than a pen!
But this is all against a background of an industry that is still over-focused on price rather than value and one that struggles to market ‘added value’ benefits as effectively as most other industries do.
Will it succeed? We think it has a good chance – this humanising of protection insurance has been managed well, although GIP is still far from the top of most people’s lists of desirable employee benefits when they are job hunting.
Plus points: GIP but with the focus on engagement and wellness, not just price; Practical help before, during and after being ill or disabled; Good range of practical benefits that actively engage employees; Prospect of reducing claims and future premium costs.
Not so plus points: Some may see such cover as gimmicky or not what insurers should be promoting; Does better engagement and wellness actually lead to cost savings?; Havensrock is not yet as well-known as some other providers (although the underwriter, Aviva, is and parent Punter Southall is fast becoming an industry giant too).
Website: http://www.havensrock.com.
Rating (max 10): Innovation: 9. Overall: 9. Platinum
Tags: IP; Havensrock