Group Risk
Group risk arrangements, of which Life Assurance, Income Replacement and Private Medical schemes are the most common types, can be very useful tools to assist an employer attract and retain staff, in addition to being perceived as valuable benefits by employees. The key to the success of such schemes is cost control and effective communication. Without the former, group risk schemes can become a financial burden on a business. Without the latter, it is unlikely that the benefits will be highly valued by employees and therefore the employer fails to benefit from the improved staff relations and retention his expenditure on these benefits should bring. Cavanagh proactively re-broke group risk schemes on a regular basis and normally secure guaranteed terms for our clients. This means that our clients are assured of the most competitive rates available in an ever changing market and can budget on the basis of known costs during each guarantee period. We believe that we try harder than most of our competitors to secure the most favourable terms for our clients.For an employer, there is very little point in having a raft of group risk arrangements in place if these are not effectively communicated, with the value of the benefits provided being fully understood and appreciated by staff. Yet this is a situation that is all too common. Utilising our experience and expertise, Cavanagh is able to assist in putting together an effective communication programme to ensure that employers get real value for their group risk spend.