Expert view: ABI's Mark Till on the role of employers, insurers and government on building healthier workforces
The UK is at an important crossroads facing a health crisis that is threatening to develop into an economic one.
With 2.8 million people absent from work due to ill-health and an estimated 375 million working days lost every year, there is an urgent need for action.
At Unum, we believe that the health and protection industry can be part of the solution.
To unlock its full potential, we must work together – insurers, employers, and government – to create a healthier, more productive workforce.
The role of insurers
We can start by raising cross-industry awareness of health and protection insurance and its benefits.
Insurers support the wellbeing of millions of workers each year by providing a range of services including access to mental health support, rehabilitation programmes, 24/7 GPs, cancer support, and preventative healthcare services like nutrition advice.
From private medical insurance to income protection, our products help people put their physical, mental and financial wellbeing first.
They also help businesses by keeping people healthy and in work or by supporting them to return to work sooner.
In 2023 alone, Unum paid more than £471 million in claims, with a 97% success rate in helping individuals get back to work or reach an agreed outcome.
The role of employers
With the average person spending 90,000 hours at work over a lifetime, employers are uniquely positioned to promote health and financial resilience from within the workplace.
Still, almost half of businesses lack a standalone wellbeing strategy to support these aims, despite the clear evidence that investing in employee health leads to a more productive workforce and contributes to businesses’ long-term success.
A WPI Economics study showed us that companies invested in the overall wellbeing of their workforce see reduced sickness absence, improved staff retention, and increased productivity.
These findings represent a clear opportunity to not only transform lives but to bolster businesses and strengthen our economy.
Analysis commissioned by the ABI also found that, in just one year, services provided by health and protection insurers prevented 14 million sick days and helped 12,500 full-time workers stay in work.
With fewer people off work, businesses were £2.6 billion better off, and the wider economy saved £2 billion.
The role of government
Government action is also key to building a healthy, happy and productive workforce.
The recently announced independent review to help people into work – and to keep them working – is a welcome opportunity to address this issue.
Beyond supporting workers’ physical, mental and financial wellbeing, the review presents our government with a timely opportunity to explore health and protection products as a solution to economic inactivity due to ill health.
In helping guide more employers to provide these benefits, the government would also be contributing to its wider mission for economic growth.
I am optimistic about the role our industry will continue to play in shaping a better workplace for everyone.
The drive to ‘Get Britain Working’ is a chance to make meaningful change to support our workforce and economy, and active partnership between insurers, employers and government can get us there.
