Energy trading software firm Trayport introduced group income protection via Zurich during the pandemic in January 2021, to provide added reassurance to its UK employees.
David Glennon, rewards manager at Trayport, says: “When Covid came along, we wanted to find opportunities to give our employees additional peace of mind. We already had fairly robust immediate private medical insurance [PMI], so we wanted something a bit more strategic and long-term, to give employees additional security in the event of needing to take a longer period away from work due to illness.”
The organisation, which has 240 employees in London, also offers life assurance and employee-funded critical illness insurance provided by AIG, with the latter in particular seeing a marked increase in take-up during the pandemic.
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“In January 2022 compared to January 2021, it has almost doubled,” explains Glennon. “It’s due, I think, to people taking stock and wanting that mindset of being prepared. The pandemic has just increased awareness of what could happen; we all have increased awareness of our own mortality.”
Just as the pandemic has changed how we all work, so it has changed how benefits are communicated, says Glennon.
“People are more aware of their benefits’ package as a whole now,” he explains. “To increase awareness of the value of the package, we wrap it all up into a total reward statement, which employees can access through their benefits portal. We also run an annual benefits fair, where our providers and employers can talk to each other.
“We do get a lot of interest; employees are interested in all of their benefits these days. It is no longer just in the background.”